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Pinterest Agrees to $50 Million To Reform Its Culture

Pinterest’s General Treasurer Seth Magaziner announced that the company agreed to a “series of diversity, equity, and inclusion workplace reforms” to resolve a shareholder lawsuit. The Rhode Island pension system led the lawsuit alleging the company discriminated against women and people of color. The shareholders accused the board of directors of failing to respond appropriately to discrimination complaints, and they asserted the company retaliated against employees bringing discrimination concerns forward. Two members of Pinterest’s public policy team openly shared criticism of the company’s treatment of employees and triggered these accusations.

“The proposed settlement calls for sustained efforts by Pinterest that will put diversity, equity, and inclusion at the forefront of its internal goals and business operations,” according to Magaziner. He further noted the settlement would end a “highly contested, complex derivative” lawsuit while delivering real long-term benefits to the company. The company has also agreed to release former employees from nondisclosure agreements. A new external office will be created for employees, and the company will implement external reviews of performance ratings, promotions, and compensation. Just about a year ago, Pinterest paid $22.5 million to resolve gender discrimination and retaliation claims brought by its former chief operating officer, Françoise Brougher.