The probe is being led by the law firm Quinn Emanuel Urquhart and Sullivan, LLP and is being overseen by Erskine Bowles, a limited Panthers team owner and former White House Chief of Staff under President Bill Clinton.
The Panthers informed the NFL of its investigation Friday and the league has no comment on the matter, NFL Network Insider Ian Rapoport reported on NFL Total Access.
"The Carolina Panthers and Mr. Richardson take these allegations very seriously and are fully committed to a full investigation and taking appropriate steps to address and remediate any misconduct," team spokesman Steven Drummond said in a statement released by the Panthers. "The entire organization is fully committed to ensuring a safe, comfortable and diverse work environment where all individuals, regardless of sex, race, color, religion, gender, or sexual identity or orientation, are treated fairly and equally. We have work to do to achieve this goal, but we are going to meet it."
Richardson, 81, played two NFL seasons with the Baltimore Colts in 1959-1960. In 1993, he became the first former player since George Halas to own an NFL team when the league awarded him the league's 29th franchise.
"Erskine Bowles is a trusted leader of unquestioned integrity. We look forward to this report, which we know will be honest and thorough," Drummond said.