Ousted CBS CEO Les Moonves will fight the company over the $120 million severance it denied him following allegations of sexual misconduct

• Former CBS CEO Les Moonves will fight CBS over its decision to deny him $120 million severance, CBS said in an SEC filing on Thursday.
• The CBS board of directors denied Moonves the severance in December after concluding that he violated company policies and his contract, and failed to fully cooperate with its investigation into sexual misconduct claims against Moonves.
• A dozen women accused Moonves of sexual misconduct in New Yorker investigations published in August and September.

The former CEO of CBS, Les Moonves, is challenging the company's decision to deny him a $120 million severance in the wake of a dozen sexual misconduct allegations against him.

Moonves notified CBS of his "election to demand binding arbitration" regarding the denial of his severance on Wednesday, according to an SEC filing.

The CBS board of directors denied Moonves' severance in December after concluding that he violated company policies and his employment contract, and failed to fully cooperate with the investigation into the misconduct claims.

"We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company's investigation," the board said in a statement last month. "Mr. Moonves will not receive any severance payment from the Company."

Moonves was accused by a dozen women of sexual misconduct in two New Yorker investigations published in August and September. Moonves stepped down from his position as CEO at CBS in September.