Business & Investment

U.S. Bankruptcy Judge Approves Weinstein’s Plan to Pay $ 17 Million For Reuters Claims Of Sexual Abuse

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© Reuters.File Photo: Harvey Weinstein Appears at Virtual Hearing

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By Maria Chutchian

(Reuters)-A judge in the US Bankruptcy Court approved Weinstein’s liquidation plan to secure $ 17 million for a woman who accused co-founder Harvey Weinstein of sexual misconduct on Monday.

Judge Mary Walrus of Wilmington, Delaware, announced her decision at the end of the distance hearing. She dismissed an objection from a handful of women seeking to appeal their allegations outside the bankruptcy court.

She said that 83% of allegees of bankruptcy sexual misconduct “want to close by accepting this plan and do not need to file further proceedings to receive some recovery or compensation. Has made a loud statement. ” … although it’s clear that money never gives them it. “

After filing for bankruptcy in 2018, Weinstein sold its assets to Lantern Entertainment, which later became the Spyglass Media Group, for $ 289 million. Bankruptcy is 23-one year in prison after being convicted of sexually assaulting a former production assistant and raping an actress.

The insurance company has donated $ 35 million under this plan, so holders of sexual misconduct claims will receive nearly half of that. Weinstein lawyers say each woman who submits a claim can see a six-digit recovery.

If you want to continue billing Harvey Weinstein and former executives and directors of the company, you have the option of waiving most of your planned payments.

A group of women alleging sexual abuse argued that it was unfair to choose between full payment and continued allegations. However, the company’s lawyers and the Unsecured Creditors Committee, which includes women who have alleged sexual misconduct, have stated that the release of former officers and directors is an important element of the plan.

In a hearing, the company’s lawyers, Clavas Swain & Moore’s Paul Zambro, said the plan was “notable” and “a positive end to this really ugly story.”

The case is Delaware, US Bankruptcy Court, No. Located at Weinstein Company Holdings LLC, 18-10601.

For Weinstein Company: Paul Zumbro, Lauren Moskowitz, Salah Hawkins (NASDAQ :) Clavas Swain & Moore and Mark Collins, Russell Silvergreed, Paul Heath, Zachary Shapiro, Brett Haywood, Richards Layton & Finger David Kerori

For the committee: James Stang, Robert Feinstein, Debra Grassgreen, Bradford Sandler, Colin Robinson of Pachulski Stang Ziehl & Jones

For plaintiffs to challenge: Zhao (Ruby) Liu and Frederick Rosner of Rosner Law Group, Kevin Mintzer of Kevin Mintzer Law Firm, Douglas Wigdor and Bryan Arbeit of Wigdor LLP, Thomas Giuffra of Rheingold Giuffra Ruffo & Plotkin.

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U.S. Bankruptcy Judge Approves Weinstein’s Plan to Pay $ 17 Million For Reuters Claims Of Sexual Abuse

https://www.investing.com/news/stock-market-news/us-bankruptcy-judge-okays-weinstein-co-plan-paying-17-million-for-sex-abuse-claims-2398404 U.S. Bankruptcy Judge Approves Weinstein’s Plan to Pay $ 17 Million For Reuters Claims Of Sexual Abuse

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