Weinstein Company files for bankruptcy
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Disgraced Hollywood mogul Harvey Weinstein's former film company reportedly filed for Chapter 11 bankruptcy in a Delaware court on Monday.

The development, reported first by Bloomberg News, comes after the sale of the company to an investor group for $500 million fell through earlier this month due to undisclosed liabilities.


The company had been mulling declaring bankruptcy in the aftermath of a slew of sexual misconduct allegations against its founder that surfaced within the last year.

New York Attorney General Eric Schneiderman (D) filed a lawsuit against the business and the brothers who founded it, saying the company violated employees’ rights by “failing to protect its employees from pervasive sexual harassment, intimidation, and discrimination." 

The move to file for bankruptcy could release the company's employees from their nondisclosure agreements, which could help investigators probing allegations against Weinstein. 

Allegations against Weinstein are currently under investigation in Los Angeles, New York and London. 

The allegations against Weinstein gave way to the "Me Too" and "Time's Up" movements, which advocate against sexual misconduct in the workplace and gender inequality.