Ohio teachers retirement board reverses decision on Target lawsuit
COLUMBUS, Ohio (WKBN) – The board of the Ohio State Teachers Retirement System has agreed to join a lawsuit against Target and DEI policies Attorney General David Yost said tanked the retailer's stock and ultimately impacted investors, including STRS.
STRS had initially decided not to pursue the lawsuit and said it could still have benefitted from the class action lawsuit filed in Florida as an impacted party.
STRS changed its course following a letter from Yost several days ago admonishing the board for declining his advice to be a lead plaintiff.
Yost claims that Target's DEI policies violated securities rules and cost the STRS fund $5 million. The class action claims that Target violated federal securities laws when it 'misled' investors with false claims and misleading statements about its environment, social and governance (ESG), and diversity, equity, and inclusion (DEI) mandates.
Yost added that national retailer engaged in several DEI and LBGTQ+initiatives that resulted in disastrous 'Pride Month' marketing that led to widespread customer boycotts that severely impacted Target and its stock price, 'wiping out an estimated $25 billion in market capitalization.' He also said that Target downplayed those market concerns to investors.
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