Pension Fund Suing Lululemon Over Bonuses

Florida fund claims company violated fiduciary obligations.

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yogaA Florida pension fund has filed a lawsuit against Lululemon over its decision to potentially raise bonuses for executives prior to a recall.

The Hallandale Beach Police Officers and Firefighters’ Personnel Retirement Fund alleges that the Vancouver-based athletic apparel company’s board of directors appears “to have violated its fiduciary obligations and damaged the company and its stockholders.”

The lawsuit claims that Lululemon’s board raised the maximum amount allowed for paid bonuses by one-third.

The fund, which owns shares of the company, did not cite the damages it was seeking in the suit.

This article first appeared on BenefitsCanada.com

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