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Shareholder derivatives cost Pinterest with bias



A shareholder-derivative lawsuit has been filed against the social media company Pinterest Inc. and its board members over the treatment of three former female senior executives, two of whom are black.

The lawsuit, Employee Retirement System of Rhode Island v. Benjamin Silbermann et al., filed Monday in the U.S. District Court in San Francisco, accuses the San Francisco-based corporation's top executives and board members. personally engaged in, facilitated or deliberately ignored discrimination and retaliation against those who spoke out and challenged the company's white, male leadership clique. The trial was first reported by D&O Diary .

The trial quotes former Chief Operating Officer Francoise Brougher, the company's chief female officer before her dismissal.

Also in the suit are two former black female company officials, Ifeoma Uzoma, former Pinterest head of social policy and social influence, and Aerica Shimizu Banks, former head of federal affairs, who are alleged to be forced to leave the company and publicly complained on Pinterest after their departure.

All three have filed their own lawsuits against the company.

The trial accuses the defendants of breach of administrative duty, waste of corporate assets and violations of the Federal Securities Act and claims damages and attorneys' fees.

The company said in a statement that its management and board "take their management responsibilities seriously and are determined to continue our efforts to ensure that Pinterest is a place where all our employees feel included and supported.

" We believe in the actions we have initiated as well as the ongoing independent review of our culture, policies and practices will help us achieve our goal of building a diverse, fair and inclusive environment for all.

In September, Alphabet Inc. settled a shareholder case accusing the Google parent of paying lavish exit packages to executives responsible for sexual misconduct, saying it would increase oversight of its diversity and equity. [1

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