Paramount settles CBS shareholder #MeToo class action for over $14M News
Paramount settles CBS shareholder #MeToo class action for over $14M

Paramount Global and former chairman-CEO Leslie Moonves Friday settled with CBS Corporation shareholders and agreed to pay $14.75 million in a class action case related to sexual misconduct claims against #MeToo movement comments by Moonves. CBS shareholders initiated the class action in 2018 regarding:

[M]aterially false and misleading statements and/or omissions regarding the Company’s policies and corporate governance, the importance of key personnel, including Moonves, and other statements made to news media, which caused the price of the Company’s common stock to trade at artificially inflated prices, until the market learned of the false and misleading nature of the statements, and the Company’s stock prices significantly declined.

The parties on Friday filed a proposed settlement agreement in New York federal court. The settlement included “the Settling Parties’ agreement to settle the Action for release and a cash payment of $14,750,000 for the benefit of the Settlement Class, subject to the negotiation of the terms of a stipulation of settlement and approval by the Court.”

The #MeToo social movement began in 2017 and grew into a global catalyst. #MeToo is also a sign of solidarity for victims of sexual harassment and sexual assault.

Other details of the settlement were not disclosed. The proposed agreement states, “[t]he Supplemental Agreement shall not be filed with the Court and its terms shall not be disclosed in any other manner[.]”