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UPDATE 1-ViacomCBS says dispute between former CEO Moonves and CBS resolved

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May 14 (Reuters) - ViacomCBS Inc said https://bit.ly/2Rdeph8 on Friday a dispute between CBS and its former Chief Executive Officer Leslie Moonves who was accused of sexual assault and harassment has been resolved and the parties have dismissed the arbitration process.

CBS Corp had fired Moonves for cause in 2018 and denied a $120 million severance package following a board review of the findings of an investigation into allegations of sexual harassment and the CBS culture conducted by two law firms hired by the CBS board.

The dispute moved into binding arbitration and the company contributed $120 million into a grantor trust, which now reverts to the company, ViacomCBS said.

In a joint statement by ViacomCBS and Moonves, the parties said Moonves, CBS and a contractor of CBS "have resolved their disputes".

The cost of the settlement, which was not disclosed, will be paid by the "contractor of CBS," which also was not disclosed.

The settlement will be donated to charities by Moonves, according to the joint statement.

Moonves has denied any wrongdoing and has described his sexual encounters as consensual. (Reporting by Tiyashi Datta in Bengaluru and Kenneth Li in New York; Editing by Sriraj Kalluvila and Daniel Wallis)