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Florida sues Target over stock drop and pride campaign (2025)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
The Florida State Board of Administration, represented by state Attorney General James Uthmeier, sued Target Corporation on Feb. 20, claiming the company misled and harmed investors, including Florida’s state pension plans.
Target faced criticism from some conservatives and diversity, equity, and inclusion (DEI) opponents in 2023 over its LGBTQ pride campaign. Some critics boycotted the company, arguing the pride displays were overly graphic and sexualized. The state of Florida’s lawsuit claims the displays reduced sales and caused Target’s price to drop. It argues the company’s executives should have known the DEI efforts were excessive and violated the law.
According to Florida’s Voice:
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The lawsuit, filed in the U.S. District Court for the Middle District of Florida, claims that Target’s board and CEO, Brian Cornell, misrepresented the company’s oversight of social and political risks associated with its ESG and DEI policies. The SBA, which manages Florida’s public pension funds, alleges that these misstatements caused significant financial losses for shareholders when consumer boycotts and backlash led to a sharp decline in Target’s stock value. … “Corporations that push radical leftist ideology at the expense of financial returns jeopardize the retirement security of Florida’s first responders and teachers,” Uthmeier said. “My office will stridently pursue corporate reform so that companies get back to the business of doing business—not offensive political theatre.”[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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