Signet Jewelers Limited (SIG) Agrees to $240 Million Settlement
In 2008, a lawsuit was brought against Signet Jewelers by a group of female employees alleging discrimination by Signet’s subsidiary, Sterling Jewelers Inc. When the employees’ experiences became public in 2017, shares of Signet Jewelers dropped significantly. As a result of Signet Jewelers’ attempt to conceal the sexual misconduct and discrimination, investors filed a class action lawsuit against Signet Jewelers alleging the Company falsely stated it was committed to a workplace free from sexual harassment and made employment decisions based on merit alone. Finally, on March 26, 2020, Signet Jewelers reached a $240 million settlement with investors to resolve these allegations, depleting the Company’s financial resources and further harming shareholders.
