Report: Harvey Weinstein reaches $44m deal to settle civil proceedings
Allegations of sexual assault against Hollywood producer sent his company into bankruptcy
Harvey Weinstein, the once powerful Hollywood producer whose downfall was triggered by accusations of serial sexual misconduct, is reported to have reached a settlement deal with alleged victims and creditors worth $44 million.
More than 15 lawsuits have been filed accusing Mr Weinstein or the television and film company he co-founded with his brother, Bob, of misconduct. The settlement would cover many of them, including a class action by alleged victims and a suit by the New York attorney general.
Mr Weinstein's downfall began in October 2017, when the first of more 80 women began to go public with accusations of sexual harassment and assault. The scandal forced his company into bankruptcy.
"We now have an economic agreement in principle that is supported by the plaintiffs, the AG's office, the defendants and all of the insurers that, if approved, would provide significant compensation to victims, creditors and the estate, and allow the parties to avoid years of costly, time consuming and uncertain litigation on all sides," Adam Harris, a lawyer for Bob Weinstein, told a bankruptcy court judge on Thursday.
The amount of the settlement was not revealed in court, but the Wall Street Journal reported that it was worth $44m (Dh162m).
Mr Weinstein will go on trial in September over the alleged assaults of two women and faces life in prison if convicted. He denies all allegations of nonconsensual sex.
In addition to the alleged victims and creditors, the settlement covers the proceedings started by former New York state attorney general Eric Schneiderman, who has been succeeded by Letitia James.
The proceedings aim specifically to guarantee the alleged victims will be compensated.
The settlement amount will be paid out by insurance agencies, the Journal reported, several of which count The Weinstein Company, the production company Mr Weinstein co-founded, among their clients.
Updated: May 24, 2019 11:15 AM