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Buried in this story, Politico lets it slip that the HR director didn't even remember these complaints:

The head of the association’s human resources department during Cain’s tenure offered a different account, telling POLITICO last week that she was unfamiliar with any complaints from female employees about Cain.

You know why that is?

Because getting rid of employees who make false/stupid charges against people by paying them off happens EVERY DAY.

The Left, through the infamous Equal Opportunity Employment Commission and their buddies in the trial lawyer bar, create this culture where employers would rather pay someone a few months’ salary severance (a, gasp!, “five-figure settlement”), or even millions of dollars, to get rid of them than have to fight blatantly false charges.

Then the Left uses the fact of these “shut up” settlements to say, see, that man, that company must be awful, someone actually made a SEXUAL HARASSMENT CLAIM against him!!

It's vitally important to understand how the system actually works:

Putting Herman Cain's Sexual Harassment Complaints in Context

Since we're throwing out theories, I have one that's just as good as yours. The HR official, seeing the coming firestorm, did not want to get dragged into the fray, and endure the expense of hiring a lawyer. HR people are very risk averse creatures. On the other hand, in The National Journal yesterday, it appears that some of the bolder higher ups were willing to assess Cain's performance at the NRA, if given anonymity:

But there was more. Several weeks ago, word started circulating that Cain’s business record was not quite as impressive as he claims, specifically as it relates to his tenure as head of the National Restaurant Association. Some of his peers privately said that they were astonished at how he was being portrayed. They said that his less than three-year tenure (rather brief in the Washington trade-association world) was rocky and that the restaurant folks couldn’t get rid of him soon enough—possibly because of sexual-harassment allegations. They said it took some time to get the association back on sound financial footing after he left. Some who worked with Cain said that he spent considerable time running around the country giving speeches and that he was a policy lightweight, both internally and externally. But they hesitated to be more specific.
(Source: National Journal (in new window)