CBS, Les Moonves must pay $30.5 million for insider trading

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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.

Under the deal announced Wednesday by Attorney General Letitia James, the broadcast giant is required to pay $22 million to shareholders and another $6 million for sexual harassment and assault programs. Moonves will have to pay $2.5 million, all of which will benefit stockholders who the attorney general said were initially kept in the dark about the allegations.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.

In November 2017, a woman told police that she had been sexually assaulted by Moonves in the 1980s, before he was employed by CBS in 1995, according to the attorney general’s report. She also said she was subjected to sexual misconduct and retaliation in the workplace. The attorney general’s office said it uncovered text messages between the police captain, CBS executives and Moonves that showed efforts to prevent the complaint from becoming public.

An email sent to Metrose was not immediately returned Wednesday. And an attorney representing CBS and Moonves did not immediately return a request for comment.

 

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