Former CBS Chief Moonves Launches Bid to Recover $120 Million Golden Parachute

One-time entertainment titan Leslie Moonves is headed to arbitration in a bid to win back his $120 million exit package from CBS Corp. (CBS) - Get Report , according to a Securities and Exchange Commission filing by the company.

The former CBS CEO notified the network on Wednesday that he plans to demand "binding arbitration" to settle his dispute with CBS over its decision to deny him a $120 million golden parachute, CBS' legal counsel disclosed in an 8-K filing with the SEC.

Moonves separation agreement with CBS, inked Sept. 9, gave the broadcaster's former chief the right to take any dispute over his termination to arbitration.

Two dozen women have accused Moonves, who resigned in September, of sexual misconduct during his time at CBS. Moonves has denied accusations of nonconsensual sex.

After a lengthy investigation, the CBS board said in December said it would not pay Moonves his $120 million severance agreement, having found "grounds to terminate for cause."

In its statement, the CBS board cited Moonves' "violation of Company policies and breach of his employment contract" and "his willful failure to cooperate fully with the Company's investigation."

Moonves lawyer, Andrew Levander, told The New York Times the former CBS chief "cooperated extensively and fully with investigators."

The investigation commissioned by the CBS board found evidence of "past incidents of improper and unprofessional conduct" at the company, but concluded "that harassment and retaliation are not pervasive at CBS."

CBS has since begun overhauling is policies and procedures related to harassment and retaliation, including hiring a new "chief people officer" and bringing in outside experts.

CBS stock was up 2% on Thursday.