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Ohio's Attorney General, Dave Yost, Urges Teachers' Retirement System to File a Lawsuit Against Retail Giant, Target
Hey there! Let's chat about the uproar involving Ohio Attorney General Dave Yost and the State Teachers Retirement System (STRS). Seems like Yost has got some beef with STRS, accusing them of turning a blind eye to a potential lawsuit against Target Corporation.
Why's that, you ask? Well, Target's corporate DEI, ESG, and LGBTQ+ initiatives have apparently rubbed Yost the wrong way, and he thinks STRS's estimated losses of around $5 million in Target stock are more than just pocket change.
Based on various sources, Yost argues that STRS, as a responsible fiduciary, should leverage all available tools to recover the losses, especially since participating in the securities class action isn't expected to cost STRS a dime due to a contingency fee agreement.
However, Yost's letter appears to suggest that STRS might be reluctant to join the fray due to its alignment with Target's controversial initiatives or a belief that such initiatives shouldn't be considered actionable in this case.
Yost is adamant that refusing the opportunity to participate in the class action is a breach of STRS's fiduciary duties, especially since Target's DEI, ESG, and LGBTQ+ initiatives are at the heart of the allegations against the retail giant.
As of now, STRS hasn't publicly commented on Yost's aggressive recommendation. Guess we'll just have to wait and see how this unfolds!
Sources
- Ohio AG Dave Yost wants state teachers' pension fund to sue Target over DEI policies
- Ohio AG Yost Slams Teachers' Pension Fund for Shunning Target Lawsuit, Risking Retirees' Future
- U.S. Securities Class Action Litigation Against Target Corporation
- The ongoing dispute between Ohio Attorney General Dave Yost and the State Teachers Retirement System (STRS) revolves around Yost's accusation that STRS neglected a potential lawsuit against Target Corporation, due to its DEI, ESG, and LGBTQ+ initiatives.
- Despite the potential losses of around $5 million in Target stock, STRS might be hesitant to join the securities class action, due to its possible alignment with Target's controversial initiatives or beliefs that such initiatives should not be considered actionable in this case.
- This situation has sparked a discussion in the arena of policy and legislation, with politics and personal-finance news outlets closely following the developments, as they question whether STRS, as a responsible fiduciary, should invest in businesses that align with their own values while still considering potential financial losses.
