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The End of ESG? Judge Rejects Target's Bid to Toss Shareholder Pride Backlash Lawsuit

AP Photo/Seth Wenig

This story flew under our radar, but now that it's been brought to our attention, it's the most important story of 2024 (and one you probably haven't heard about).

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Back in 2023, Target geared up for Pride month by going all-in on woke. They hired a literal Satanist to design their pride collection, they sold 'tuck friendly' swimsuits to children (and the AP tried to run cover for the company), and accusations employees were facing threats at work.

People boycotted Target, resulting in billions of dollars in lost revenue.

Shareholders sued the company over those losses and Target tried to get the suit thrown out. Now a judge has ruled that suit can proceed:

More from The New York Post:

Target has failed to persuade a judge in Florida to dismiss a lawsuit that accused the retailer of deceiving shareholders after its sales of LGBTQ-themed merchandise for Pride Month sparked a backlash and a customer boycott.

US District Judge John Badalamenti in Fort Myers ruled that the plaintiffs had presented enough information for now to pursue claims that Target misled investors about its efforts to guard against social and political risks.

The lawsuit from investor Brian Craig claims that Target’s board focused only on activist groups’ calls for diversity, equity and inclusion (DEI) measures and overlooked potential negative responses to the Pride campaign in May 2023.

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The shareholders are correct. A corporation has a fiduciary duty to those shareholders, so they see a return on their investment in the company.

By putting ESG and DEI initiatives first -- thus damaging sales -- they are failing in that duty.

We need more of this.

Yes it is. And Target has failed in that responsibility (they're not alone, mind you). 

This started with Target allowing men into women's bathrooms and locker rooms. It goes far beyond just clothing.

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It'll be very interesting to see how this suit plays out.

DEI and ESG programs need to go the way of the dodo bird.

They are entered the 'Find Out' stage and we're here for it.

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