Les Moonves Challenges CBS Over Denial Of $120 Mln Severance Package

(RTTNews) - Former CBS Corp. (CBS-A, CBS) Chief Executive officer Les Moonves is fighting the company's decision to deny his $120 million severance package following his firing over sexual misconduct allegations.

CBS disclosed in a regulatory filing that Moonves notified the Company of his election to demand binding arbitration with respect to this matter.

on December 17, 2018, CBS announced that its Board of Directors had completed its investigation of the Company's former Chairman of the Board, President and Chief Executive Officer, Leslie Moonves, and had determined that there were grounds to terminate his employment with the Company for cause under the Company's employment agreement with Moonves and that Moonves will not be entitled to receive any severance payment from the Company.

As per separation agreement between the Company and Mr. Moonves dated September 9, 2018, any dispute with respect to the determination of whether the Company has grounds to terminate the employment of Mr. Moonves for cause is subject to binding arbitration in accordance with the provisions of the separation agreement if Mr. Moonves makes a demand for binding arbitration within a specified period following the date on which the Board of Directors gives Mr. Moonves notice of the cause termination.