ViacomCBS keeps $120 million after arbitration with former CEO Les Moonves

ViacomCBS disclosed Friday that it had settled a long-running dispute with former CEO Les Moonves, and says that it will keep $120 million in severance that it withheld from Moonves when his employment was terminated in 2018. 

"The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding. The assets of the grantor trust will revert to the Company in their entirety," the company said in a filing with the Securities & Exchange Commission.   Moonves' employment was terminated on September 9, 2018 following multiple allegations of  sexual assault or misconduct. Moonves denied the claims. On December 17, the board released a statement that said Moonves had breached his employment contract and would not receive a severance package valued at $120 million following the completion of a months-long investigation.