Judge Rejects Settlement Over Abercrombie & Fitch CEO Jeffries’ Pay

A federal judge has rejected the settlement of a lawsuit challenging longtime Abercrombie & Fitch CEO Michael Jeffries' pay, saying it offered little benefit to shareholders despite serious allegations of wrongdoing. The Aug. 29 settlement was meant to resolve claims that Abercrombie should not have awarded Jeffries more than $140 million since 2007 and let him rack up heavy travel expenses amid persistent sales declines and an underperforming stock relative to other clothing chains'.