IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
MajorsJun 25, 2019
Judge Denies Signet’s Motion in Securities Fraud Lawsuit
Signet Jewelers sought to have one of the two claims brought against it by shareholders in a 2016 suit dismissed.
New York—Earlier this month, a New York federal judge denied Signet Jewelers Ltd.’s request to dismiss one of the two claims contained in a lawsuit brought against it by shareholders.
The Public Employees’ Retirement System of Mississippi, a pension fund, is the lead plaintiff in a purported securities class-action against Signet originally filed in 2016.
The lawsuit accuses the jewelry retailer of misrepresenting two aspects of the company: the health of its credit portfolio (which the company has since outsourced) and allegations of a culture of “pervasive” sexual harassment.
The sexual harassment aspect of the shareholder lawsuit relates to Jock, et al. v. Sterling Jewelers Inc., a subsidiary of Signet. That case was filed in March 2008 by several women accusing the company of discriminatory pay and promotion practices based on their gender.
Though the case itself contains no allegations of sexual harassment, documents eventually unsealed in connection to the case, and reported on by The Washington Post as well as other media outlets, painted a picture of a culture where women were objectified, disrespected and scared of retaliation, generating a lot of negative publicity for the retailer and, the shareholders noted in their lawsuit, sending Signet’s stock price plummeting.
Signet previously sought to have the entire shareholder lawsuit dismissed, but U.S. District Court Judge Colleen McMahon denied that motion in November 2018.
In May 2019, the retailer sought the dismissal of the claims relating to its company culture. It filed a motion for a judgement on the pleadings, which is when a party asks the court to rule in its favor based not on new evidence but interpretation of the law.
Signet asked the court to take a look at a March ruling from the Second Circuit Court of Appeals in a case called Singh v. Cigna Corp.
In that case, a shareholder alleged that Cigna’s pamphlet about its code of ethics misled investors about its compliance with Medicare regulations, court documents show.
The code of ethics, which included statements about staying in compliance with the law and acting with integrity, was determined to be a “textbook example of puffery,” court papers state, meaning the statements were too general for a reasonable investor to take into consideration when buying shares of the company.
Signet argued in its motion for a judgement on the pleadings that its code of conduct should be viewed in the same manner, but Judge McMahon disagreed and
in a June 11 ruling denied its request to have a portion of the investor lawsuit dismissed.
In her ruling, the judge wrote that statements included in a company’s code of conduct can be specific enough for investors to rely upon when deciding to invest in a company.
The judge also noted that the Singh v. Cigna decision did not mean that all company codes of conduct were now “inactionable” and highlighted the importance of context.
McMahon summarized the plaintiff’s argument, stating: “In the face of a credible accusation (by way of another lawsuit) that Signet suffered from rampant sexual harassment … defendants sought to reassure the investing public that Signet did not, in fact, have a toxic workplace.”
The judge pointed to examples of Signet’s public reassurances, including its denial of the allegations in its SEC filings; its affirmations that hiring decisions were made based on merit, that misconduct would be disciplined, and that sexual harassment could be reported without fear of retaliation; and its assurance that its senior executives were held to high standards.
“As alleged, a reasonable investor—who otherwise would be concerned about how grave allegations concerning rampant sexual misconduct might affect her investment in Signet—took defendants at their word,” McMahon wrote. “As alleged, their word was not truthful.”
Signet’s attorneys requested last Tuesday that the judge reconsider due to alleged factual errors, including errors about when the code of conduct was published in relation to the Jock case.
McMahon denied that motion Thursday, stating that the court did not rely on factual inaccuracies or mischaracterizations.
“The problem for defendants is that …. Signet’s codes of conduct and ethics—again, reincorporated by reference in Signet’s SEC filings and posted on Signet’s website after Jock was filed—touted certain values and practices that constitute the exact opposite of what the company allegedly valued and practiced,” she wrote.
The securities fraud case against Signet is still in pre-trial proceedings and the court has not officially certified it as a class action.
Signet Jewelers declined to comment on the judge’s ruling, saying it does not comment on pending legal matters.
The investors’ counsel did not respond to request for comment.
In her ruling, the judge wrote that statements included in a company’s code of conduct can be specific enough for investors to rely upon when deciding to invest in a company.
The judge also noted that the Singh v. Cigna decision did not mean that all company codes of conduct were now “inactionable” and highlighted the importance of context.
McMahon summarized the plaintiff’s argument, stating: “In the face of a credible accusation (by way of another lawsuit) that Signet suffered from rampant sexual harassment … defendants sought to reassure the investing public that Signet did not, in fact, have a toxic workplace.”
The judge pointed to examples of Signet’s public reassurances, including its denial of the allegations in its SEC filings; its affirmations that hiring decisions were made based on merit, that misconduct would be disciplined, and that sexual harassment could be reported without fear of retaliation; and its assurance that its senior executives were held to high standards.
“As alleged, a reasonable investor—who otherwise would be concerned about how grave allegations concerning rampant sexual misconduct might affect her investment in Signet—took defendants at their word,” McMahon wrote. “As alleged, their word was not truthful.”
Signet’s attorneys requested last Tuesday that the judge reconsider due to alleged factual errors, including errors about when the code of conduct was published in relation to the Jock case.
McMahon denied that motion Thursday, stating that the court did not rely on factual inaccuracies or mischaracterizations.
“The problem for defendants is that …. Signet’s codes of conduct and ethics—again, reincorporated by reference in Signet’s SEC filings and posted on Signet’s website after Jock was filed—touted certain values and practices that constitute the exact opposite of what the company allegedly valued and practiced,” she wrote.
The securities fraud case against Signet is still in pre-trial proceedings and the court has not officially certified it as a class action.
Signet Jewelers declined to comment on the judge’s ruling, saying it does not comment on pending legal matters.
The investors’ counsel did not respond to request for comment.
More on Majors
The Latest
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
