Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
FinancialsApr 03, 2020
Signet Reaches $240M Settlement in Shareholder Lawsuit
The company denies the allegations, but said it reached a settlement to avoid spending more time and resources on the case.
Signet Jewelers reached a $240 million settlement in a shareholder lawsuit, subject to court approval.
New York—Signet reached a $240 million settlement last week in a shareholder lawsuit accusing it of misleading investors about sexual harassment allegations and the health of its credit portfolio, court documents show.
In a statement emailed to National Jeweler, Signet Jewelers Ltd. said while it believes the case is without merit, it made the strategic decision to enter a settlement to eliminate “risks, ongoing resource needs, and the distraction” of litigation.
“Consistent with our core values, we take all of our legal disclosure obligations seriously, and we have rigorous policies and practices to ensure we make required disclosures,” the company said.
Court documents show Signet denied any liability with respect to the allegations and refuted the claim that the price of its common stock was “artificially inflated by reason of any alleged misrepresentations, omissions, or otherwise.”
Signet described the settlement as a “positive step” for the company as it looks to focus its time and resources on its turnaround plan, called the “Path to Brilliance.”
The proposed securities class action against Signet was originally filed in 2016 by The Public Employees’ Retirement System of Mississippi, a pension fund and the lead plaintiff in the case.
The lawsuit includes all persons or entities that acquired Signet common stock between Aug. 29, 2013 and May 25, 2017.
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 a group of women who accused the company of paying them less than their male colleagues and passing them over for promotions because they are women.
While the Jock case does not include sexual harassment allegations, documents connected to the case were eventually unsealed and reported on by The Washington Post and other media outlets.
The reports painted a picture of a culture where women were objectified, disrespected and scared to report what was happening out of fear of retaliation.
The negative publicity sent Signet’s stock price plummeting, a point noted in the shareholder lawsuit.
In regard to its credit portfolio, which has since been outsourced, the suit claims Signet hid losses on high-risk subprime loans that once made up 45 percent of its $1.7 billion customer loan portfolio.
Of the $240 million settlement, $205 million is expected to be paid by insurance with the company paying the remaining $35 million, Signet said in a 10-K filing.
The settlement is subject to the approval
of Chief Judge Colleen McMahon of U.S. District Court for the Southern District of New York.
Signet previously sought to have the entire shareholder lawsuit dismissed, but McMahon denied that motion in November 2018.
The following June, the judge denied another motion by Signet to dismiss the sexual harassment aspect brought up in the shareholder lawsuit.
In short, the company claimed its code of ethics, which included statements about staying in compliance with the law and acting with integrity, were general statements and not something a reasonable investor would take into consideration when buying shares of the company.
McMahon disagreed with that statement, noting several examples of how Signet sought to reassure its investors that it did not operate a toxic workplace, including a denial of allegations in its SEC filings.
“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,” the judge wrote.
“As alleged, their word was not truthful.”
Attorney Kevin M. LaCroix, who was not involved in the case but wrote a blog post about the settlement, noted the settlement amount is significant, ranking 71st on the list of Top 100 Securities Class Action Settlements compiled by the ISS Securities Class Action Services.
He said to his knowledge, the Signet Jewelers settlement is also the first settlement in a #MeToo-related (sexual harassment-related) securities suit, though he noted the Signet case is more complicated than other #MeToo-related management liability lawsuit settlements, like the cases against 21st Century Fox and Wynn Resorts, because it prominently features allegations unrelated to sexual harassment.
“It is hard to know how much of the $240 million settlement of the Signet Jewelers securities suit is related to the underlying sexual harassment allegations,” LaCroix wrote in his blog post. “Clearly, some indeterminate but not-insignificant portion of the settlement is not related to the #MeToo allegations.”
Signet previously sought to have the entire shareholder lawsuit dismissed, but McMahon denied that motion in November 2018.
The following June, the judge denied another motion by Signet to dismiss the sexual harassment aspect brought up in the shareholder lawsuit.
In short, the company claimed its code of ethics, which included statements about staying in compliance with the law and acting with integrity, were general statements and not something a reasonable investor would take into consideration when buying shares of the company.
McMahon disagreed with that statement, noting several examples of how Signet sought to reassure its investors that it did not operate a toxic workplace, including a denial of allegations in its SEC filings.
“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,” the judge wrote.
“As alleged, their word was not truthful.”
Attorney Kevin M. LaCroix, who was not involved in the case but wrote a blog post about the settlement, noted the settlement amount is significant, ranking 71st on the list of Top 100 Securities Class Action Settlements compiled by the ISS Securities Class Action Services.
He said to his knowledge, the Signet Jewelers settlement is also the first settlement in a #MeToo-related (sexual harassment-related) securities suit, though he noted the Signet case is more complicated than other #MeToo-related management liability lawsuit settlements, like the cases against 21st Century Fox and Wynn Resorts, because it prominently features allegations unrelated to sexual harassment.
“It is hard to know how much of the $240 million settlement of the Signet Jewelers securities suit is related to the underlying sexual harassment allegations,” LaCroix wrote in his blog post. “Clearly, some indeterminate but not-insignificant portion of the settlement is not related to the #MeToo allegations.”
More on Financials
The Latest
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
