LB - L Brands settles workplace misconduct stockholder derivative claim

L Brands Inc. (LB +1.1%) announced today that it has settled all stockholder derivative claims relating to alleged workplace misconduct at the company. L Brands has agreed to maintain a Diversity, Equity, and Inclusion Council and strengthen policies and procedures for sexual harassment reporting and investigating. The settlement will apply to both L Brands and future spin-off company Victoria's Secret & Co. Each company will invest $45 million over the next five years to fund corporate governance policies. “This global resolution, with its commitment to industry-leading governance policies, is an overwhelmingly positive result for the Company and its stockholders," said Board Chair Sarah Nash, who led the settlement negotiation. "It further prepares both Bath & Body Works and Victoria’s Secret for success as independent public companies with strong management teams and boards of directors committed to principles of diversity, equity and inclusion." L Brands will change its name to Bath

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L Brands settles workplace misconduct stockholder derivative claim