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29 Nov 2021

Zoe Schiffer, NBC News

USA: Pinterest settles shareholder lawsuit over workplace culture; incl. co. comment

"Pinterest settles shareholder lawsuit over workplace culture," 24 Nov. 2021

Pinterest ... settled a shareholder lawsuit alleging that top executives enabled a culture of discrimination.

... As part of the agreement, the company is releasing former employees from nondisclosure agreements in cases of racial or gender-based discrimination. Pinterest ... is also committing $50 million to a series of reforms to increase diversity, equity and inclusion across the company, which was founded in 2008, and its product.

"We pushed for these sweeping reforms to support Pinterest's employees with a fair and safe workplace, and to strengthen the company's brand and performance by ensuring that the values of inclusiveness are made central to Pinterest's identity," Rhode Island General Treasurer Seth Magaziner, who acted on behalf of the Employees’ Retirement System of Rhode Island, said in a statement.

In a statement emailed, a Pinterest spokesperson said: “We’ve reached a resolution with certain shareholders who raised concerns and filed derivative lawsuits concerning the allegations made last year about the company’s culture. Since that time, we have been working hard to ensure that our culture reflects our goals and values and today’s resolution, including the earmarking of $50 million in diversity, equity, and inclusion, reinforces our unwavering commitment.”