WILMINGTON, Del. (CN) — Attorneys for the Hollywood production company co-founded by Harvey Weinstein told a bankruptcy judge Thursday that they are close to reaching settlements with women who’ve accused the disgraced film producer of career-long sexual misconduct.
"We now have an economic agreement in principle that is supported by the plaintiffs, the (New York attorney general'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," said Adam Harris, an attorney for Weinstein’s brother and studio co-founder Bob Weinstein.
Addressing U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, Harris said he was “optimistic” but that mediation was still in progress.
While no potential settlement numbers were thrown out in court, the Wall Street Journal and the New York Times have reported that the civil suits, brought against the television and film company Weinstein co-founded, are expected to settle for $44 million.
According to the Times, this money will come from the film company’s insurance policies. The bulk of the money — about $30 million — will be split among alleged victims, studio creditors and former employees of The Weinstein Co. who said they feared speaking out about their hostile work environment for fear of punishment.
The remaining $14 million will be used to pay the legal fees of Weinstein’s associates.
If approved by the court, the settlement would resolve a class action claims alleging that the film company acted to conceal widespread sexual harassment and assault within the company. The settlement may also bring an end to the New York attorney general’s civil suit, which claims Weinstein’s company violated labor laws by enabling the mistreatment of women.
There are more than 15 suits currently pending against Weinstein, or his company, alleging sexual misconduct.
The settlement would not resolve, however, until after Weinstein undergoes his criminal trial in New York this September. He faces charges of rape and performing forcible sex, both of which he has denied.
The New York attorney general’s office did not immediately respond to an email from Courthouse News requesting comment.
The Associated Press contributed to this report.
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