Report: Abercrombie settles suit over CEO pay

New Albany, Ohio – Abercrombie & Fitch has reportedly settled a shareholder lawsuit filed in the U.S. District Court of Columbus, Ohio, regarding its pay of CEO Michael Jeffries, who has received more than $140 million in compensation since 2007. According to Reuters, the settlement with City of Plantation Police Officers' Employees' Retirement System involves no payment to the plaintiff.

However, under terms of the settlement, Abercrombie will create a chief ethics and compliance officer position, tie executive pay more closely to performance, perform more extensive anti-corruption training, and limit access to non-public company data. The settlement, which still must be approved by the court, was reached less than an hour after the suit was filed on Sept. 2. Abercrombie denied any wrongdoing as part of the terms.

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