L Brands settles derivative claims over workplace misconduct; companies to invest $45M each

Victoria's Secret & Co.

Global settlement resolves all derivative claims alleging workplace misconduct at L Brands.
Each company (Bath & Body Works, Victoria's Secret) commits $45M over at least 5 years for governance reforms.
Reforms include DEI council, strengthened harassment reporting policies, and hiring a DEI consultant.
Settlement filed in Rudi v. Wexner in Southern District of Ohio; subject to court approval.
Terms follow planned August 2, 2021 spin-off of Victoria's Secret & Co.

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