Court preliminarily approves derivative settlement over L Brands workplace misconduct; $90M governance reforms

Victoria's Secret & Co.

Settlement resolves stockholder derivative actions alleging fiduciary duty breaches over workplace harassment and ties to Jeffrey Epstein.
L Brands commits $90M over 5 years to fund governance reforms including anti-harassment policies, training, and DEI initiatives.
Individuals deny wrongdoing; Special Committee concluded settlement is fair and in best interests of the company and stockholders.
Final court approval hearing set for January 18, 2022; no direct payments to shareholders, all benefits go to the company.
Reforms apply to both successor entities Bath & Body Works and Victoria's Secret for 5 years.

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