Quinn Emanuel Urquhart & Sullivan LLP, Scott+Scott, Greenfield & Goodman, deLeeuw Law, Cohen Milstein Sellers & Toll, Bernstein Litowitz Berger & Grossmann and Bernstein Liebhard acted on behalf of the shareholders. Wachtell, Lipton, Rosen & Katz and Porter Wright Morris & Arthur assisted the special committee of L Brands, while the directors of the company were represented by Zeiger, Tigges & Little and Baker & Hostetler.
The settlement – subject to approval by Judge Watson – provides that L Brands will commit to a $90 million fund to implement significant corporate reforms, including the (i) maintenance of a Diversity, Equity and Inclusion (“DEI”) Council; (ii) the revamping of policies and procedures on sexual harassment, anti-retaliation, and reporting and investigating sexual harassment complaints; (iii) the hiring of a DEI consultant; (iv) the elimination of Non-Disclosure Agreements (NDAs) and an agreement not to enforce past NDAs; and (v) increased training and oversight of outside contractors, including photographers.The company also agreed to pay $21 million in attorney fees for the settling shareholders.
The settlement agreement includes wide-ranging policy reforms such as the maintenance of a DEI Council, the strengthening of policies and procedures for reporting and investigating sexual harassment complaints, and the hiring of a DEI expert and consultant.
The Quinn Emanuel Urquhart & Sullivan team assisting shareholder John Giarratano was led by Manisha Sheth (Picture), co-chair of Sexual Harassment and Employment Discrimination practice group.
Scott+Scott assisted Milton Rudi and the Detroit Police and Fire Retirement System with Geoffrey Johnson.
The shareholders were also assisted by Richard Greenfield of Greenfield & Goodman; P. Bradford deLeeuw of deLeeuw Law; Julie Reiser of Cohen Milstein Sellers & Toll; Mark Lebovitch of Bernstein Litowitz Berger & Grossmann; and Stanley Bernstein of Bernstein Liebhard.
The special committee of L Brands was represented by William Savitt of Wachtell, Lipton, Rosen & Katz and Robert Trafford of Porter Wright Morris & Arthur. The directors were defended by John Zeiger of Zeiger, Tigges & Little and Carole Rendon of Baker & Hostetler.