THE WHAT? Oregon’s Attorney General and Treasurer have announced a settlement with L Brands over allegations that the company’s board failed to investigate former CEO Leslie Wexner’s ties with pedophile Jeffrey Epstein and ignored ‘a widespread and pervasive culture of sexual harassment’.
THE DETAILS The owner of Bath & Body Works has committed US$90 million of company funds to protect its employees from harassment and discrimination, released former employees from non-disclosure agreements and will make executives accountable for misconduct.
THE WHY? Attorney General Ellen Rosenblum commented, ““By allowing a pattern of sexual misconduct, bullying and retaliation to go unaddressed the board of directors of L Brands failed to act in the best interests of stockholders. When our state invests public retirement dollars in a company, we have a duty to make sure our investments are sound — and the board acts in our best interest. There was a clear pattern at L Brands of a board that allowed key executives to use their power to promote a culture of fear, discrimination, and harassment.”