Australia Markets close in 1 hr 46 mins

Harvey Weinstein reaches $68.4 million settlement with accusers, ex-associates

Harvey Weinstein has reached a US$68.4 million settlement. Source: Getty

Harvey Weinstein and his former associates have a reached a US$47 million tentative settlement - US$25 million (AU$68.35 million) of which will compensate women who have accused Weinstein of sexual misconduct.

Under the terms of the settlement, Reuters has reported, Weinstein and his former associates did not admit fault. 

The deal will, in effect, resolve all bar two of the sexual misconduct lawsuits and other legal claims filed against the Hollywood producer. 

According to The Australian, US$8.7 million will go to women who have filed lawsuits and legal claims, while an additional US$18.6 million will be set aside to create a settlement fund for alleged victims.  

A further US$7 million will be awarded to creditors of the film studio, and US$12 million will cover the costs of the lawyers who defended Mr Weinstein’s former associates against the suits, and US$1 million will cover the costs of Weinstein’s own defence lawyers.

The settlement, which still must be approved by a bankruptcy judge overseeing the lawsuit, will not impact the criminal case currently being brought by Manhattan prosecutors. 

The criminal proceedings

The 67-year-old’s criminal trial is set to take place on January 6 2020, where the producer could face a life sentence if found guilty. 

Judges have also increased the producer’s bail to US$5 million from US$1 million after he failed to wear the required electronic tracking device. 

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.