CBS, Moonves must pay $30.5 million for insider trading

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CBS and Les Moonves to pay $30.5 million in deal to resolve allegations that they concealed sexual assault allegations

HOLLYWOOD, CA - APRIL 03: CBS' Leslie Moonves speaks at the ceremony honoring Lynda Carter with the 2,632nd star on the Hollywood Walk of Fame on April 3, 2018 in Hollywood, California. – CBS and its former president, Leslie Moonves, will pay $30.5 million as part of an agreement with the New York attorney general's office, which says the network's executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves.

A spokesperson for Paramount Global, which owns CBS, said it was “pleased to resolve this matter ... without any admission of liability or wrongdoing," adding that the “matter involved alleged misconduct by CBS’s former CEO, who was terminated for cause in 2018, and does not relate in any way to the current company.

When the allegations ultimately became public anyway and Moonves resigned, the captain sent a note to a CBS contact saying, “We worked so hard to try to avoid this day.” Metrose had previously hired the captain as one of Moonves’ security aides at the Grammy Awards from 2008 to 2014, the document states.

 

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