Florida Sues Target For Alleged Shareholder Fraud Over DEI Policies

Florida has sued Target for allegedly misleading investors about the risks of its diversity, equity, and inclusion (DEI) policies, leading to financial losses.

The lawsuit, filed by the State Board of Administration of Florida, claims Target concealed the impact of DEI and environmental, social, and governance initiatives, resulting in customer backlash and a decline in market value. It accuses CEO Brian Cornell of downplaying boycotts following a May 2023 Pride Month campaign. Florida Attorney General James Uthmeier said corporations prioritising ideology over financial returns harm investors. Target, which announced plans to end DEI initiatives, has defended its risk disclosures. The lawsuit follows similar shareholder actions filed in Fort Myers.