Patrick T. Fallon | Bloomberg | Getty Images
Leslie & # 39; Les & # 39; Moonves, President and Chief Executive Officer of CBS Corp., listens to the annual Milken Institute Global Conference in Beverly Hills, California.
Former CBS CEO Leslie Moonves files a lawsuit against CBS's binding arbitration, the company said in a SEC filing on Wednesday. Moonves believes he was wrongly terminated, although an investigation by the CBS Board concluded that there were grounds for a shoot-out.
CBS rose 1.7 percent on Thursday morning.
Here is the text from the submission:
As previously reported, on December 17, 2018, CBS Corporation (the "Company") announced that the Board was investigating Leslie Moonves, the former Chairman of the Board , the president and the chief executive officer of the company, had decided that there were grounds for an end to the process of his employment with the company for good cause under the employment contract of the company with Mr. Moonves, and that Mr. Moonves had no Is entitled to severance payments from the company.
Also, as previously reported, under the Separation Agreement between the Company and Mr. Moonves of September 9, 2018, all disputes concerning the determination of whether the Company has cause to terminate Mr. Moonves' employment for cause are one binding procedures under the terms of the Separation Agreement, if Mr Moonves requests binding arbitration within a specified period of time from the date on which the Board informs Mr Moonves of the cause of the termination.
On January 16, 2019, Moonves notified the company of his election to seek binding arbitration on the matter. The Company does not intend to comment on this matter later in the arbitration.
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