Florida Sues Target Over DEI Policies – One America News Network
OAN Staff James Meyers
11:35 AM – Friday, February 21, 2025
The state of Florida has initiated a federal lawsuit against Target, alleging that the retail company misled investors by not disclosing its plans to sell diversity, equity, and inclusion (DEI) merchandise, specifically related to its LGBTQ+ Pride merchandise line in 2023.
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The lawsuit, brought on behalf of the State Board of Administration, argues that Target’s stock value experienced a significant decline following consumer backlash and boycotts, resulting in billions in losses. This lawsuit is among at least three similar cases against the retailer in Florida.
This legal action comes nearly a month after Target eliminated its DEI policies due to mounting pressure from conservatives and the promises made by President Donald Trump to reverse DEI policies.
Target’s CEO Brian Cornell and its Board of Directors are named as defendants, accused of violating the Securities Exchange Act of 1934 for failing to inform investors about the potential risks related to their Environmental, Social, and Governance (ESG) and DEI initiatives.
Furthermore, the lawsuit will encompass all investors who acquired Target stock between March 9, 2022, and August 16, 2023.
The controversy originates from Target’s 2023 Pride campaign, which featured merchandise that faced intense criticism.
Consequently, Target’s stock experienced its most significant and prolonged losing streak in over twenty years, leading to claims that the company’s leadership failed to alert investors concerning the financial dangers of introducing DEI merchandise, as stated in the lawsuit.
Florida Attorney General James Uthmeier (R-Fla.) emphasized that ensuring accountability for corporations regarding their ESG and DEI policies will be a priority during his tenure as attorney general.
“Corporations that advocate radical leftist ideologies at the expense of financial returns threaten the retirement security of Florida’s first responders and teachers,” Uthmeier expressed in a prepared statement. “My office will rigorously pursue corporate reform to ensure companies concentrate on their business operations rather than engaging in offensive political performance.”
“Target misled and defrauded its investors, destroying billions in shareholder value to support its management’s toxic, radical, and profoundly damaging social agenda. America First Legal proudly continues this battle alongside our co-counsel Lawson Huck and Boyden Gray. We thank Attorney General James Uthmeier for his leadership in this fight to safeguard Florida’s diligent citizens from exploitation and financial losses at the hands of woke corporate elites,” stated Reed D. Rubinstein, Senior Vice President of America First Legal.
“When Target fully committed to DEI, shareholders bore the consequences. Together with our co-counsel America First Legal and Lawson Huck Gonzalez PLLC, we are determined to assist every individual impacted by Target’s decision to prioritize politics over business,” remarked Jonathan Berry, Managing Partner of Boyden Gray PLLC.
In the meantime, Target has rejected any allegations of misconduct. In a previous court submission regarding another case in the state, the retail chain contended that it “consistently warned investors about the risks” associated with possible consumer backlash concerning its Pride merchandise.
Target’s legal representatives dismissed the allegations as an effort to litigate “business judgment,” arguing that disagreeing with corporate decisions does not constitute a legitimate claim of securities fraud.
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