The State Board of Administration of Florida sued Target on Feb. 20, accusing the retail giant of knowingly misleading and defrauding investors by promoting diversity, equity, and inclusion (DEI) initiatives that prompted customer backlash and hurt sales.
Florida’s new Attorney General James Uthmeier filed the lawsuit in the U.S. District Court for the Middle District of Florida on behalf of the board, which oversees public pension funds that own Target stock.
Target faced widespread backlash in 2023 over its decision to release LGBT-themed merchandise for children during Pride Month. Among the items for sale nationwide were clothing for newborns and books explaining how to use pronouns….