Bloomberg Law
July 30, 2021, 4:31 PMUpdated: July 30, 2021, 7:23 PM

L Brands to Pay $90 Million to End Shareholder #MeToo Suits (1)

Erin Mulvaney
Erin Mulvaney

L Brands Inc., the parent company of Victoria’s Secret, agreed to spend $90 million on changes to corporate practices, including eliminating non-disclosure agreements, as part of a settlement to end shareholder lawsuits that alleged a toxic culture of sexual harassment and misogyny.

The deal, which is pending approval by the U.S. District Court for the Southern District of Ohio, resolves lawsuits filed by shareholders in 2020, following an expose in the New York Times that highlighted allegations of sexual harassment, including against top executives Leslie Wexner and Edward Razek, as well as photographers.

This is the latest in shareholder ...