TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
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
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
