Report: Judge rejects Abercrombie CEO pay settlement

New Albany, Ohio – A federal judge has reportedly rejected an Aug. 29 settlement of a lawsuit over the pay received by co-CEO Michael Jeffries. According to Reuters, U.S. District Judge James Graham in Columbus, Ohio, said shareholders belonging to the City of Plantation, Florida Police Officers' Employees' Retirement System, who challenged the $140 million in pay and additional travel expenses Jeffries has received since 2007, give up too much in the settlement.



Specifically, Graham objected to the fact the settlement gives the shareholders no monetary compensation, but only governance changes, with no admission of wrongdoing. Meanwhile, counsel received close to $3 million. Lawyers representing the plaintiff said they would move to resolve the judge’s concerns as quickly as possible, while lawyers representing Abercrombie did not comment.