Weinstein reaches $47-million settlement with accusers and creditors

Weinstein reaches $47-million settlement with accusers and creditors
Insurence companies will make the payments on behalf of Weinstein. Source: AFP
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Daily US Times: Movie mogul Harvey Weinstein reached a controversial 47 million dollar deal with his former film studio’s board and several women who have accused him of sexual misconduct. Attorneys involved the negotiations confirmed this. LA Times reports.

This deal doesn’t resolve a separate criminal case against Weinstein in New York over multiple accusations of sexual assault which is expected to go trial in the next month.

Under the terms of the deal, $25 million will be allocated to the accusers, another $7.3 million to unsecured creditors and former Weinstein Co. employees, and about $12.2 million will be earmarked to pay legal fees of the studio’s directors and officers.

Insurance company, potentially Chubb Ltd. and AIG will pay the money on behalf of Weinstein.

Time’s Up Foundation chief operating officer Rebecca Goldman said, ‘While this settlement is flawed, we know it represents the hard work of several survivors of Harvey Weinstein. We hope it brings them, and perhaps others, some small measure of justice and relief that is long overdue.’

In March 2018, New York based Wenstein Co. filed for bankruptcy and later sold off its most assets to private equity firm Lantern Capital Partners for $289 million.

The tentative settlement exposed months of behind-the-scenes infighting as negotiations were underway. The proposed settlement was rejected by attorneys for two of the accusers.

Harvey Weinstein was fired from his company in October 2017 after dozens of women accused him of sexual misconduct. The Hollywood producer was behind such Oscar-winning hits as ‘Shakespeare in Love,’ ‘Chicago’ and ‘The King’s Speech’.