Two lawsuits alleging unwanted advances were filed by female crew members on another movie and were settled out of court for undisclosed sums.
The 42-year-old, who is the younger brother of fellow actor Ben Affleck, was expected to present this year's best actress award after he took best actor last year for his performance in the family drama Manchester by the Sea.
According to tradition, the reigning best actor recipient presents the award for best actress.More news: Turkey rejects military operation limited to Syria's Afrin
The Academy Awards announcement comes after allegations of sexual harassment against the actor on the set of an earlier film.
"I believe that any kind of mistreatment of anyone for any reason is unacceptable and abhorrent, and everyone deserves to be treated with respect in the workplace and anywhere else".
Past allegations of sexual misconduct dogged Affleck, 42, during awards season a year ago. Deadline, which first reported Affleck's withdrawal, wrote that the actor didn't want his presence at the ceremony to distract from the nominees.More news: Ed Sheeran to marry his childhood friend Cherry Seaborn
Last year, actress Brie Larson made headlines due to her refusal to clap after announcing Affleck's win.
It has been a tradition at Oscars that the Best Actor victor presents the Best Actress trophy while the Best Actress victor presents Best Actor. And I guess it's a good thing that Affleck at least has the self-awareness to remove himself from a potentially bad situation - if I'm being generous, maybe he's being proactive because he's legitimately trying to do the right thing. No one knows exactly how the film academy plans to handle this moment of reckoning during the ceremony on March 4, but, with Affleck stepping down, one of the biggest questions has been answered.More news: Mkhitaryan held all the aces and enjoyed making Mourinho squirm
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