In The Washington Post, Joshua Lichtenstein Discusses Florida Governor Ron DeSantis Campaign Against AB InBev
In a Washington Post article, Joshua Lichtenstein, a partner in the employment, executive compensation and employee benefits group and head of the firm's ERISA fiduciary practice, discussed claims by Florida Governor Ron DeSantis that Bud Light beer parent company AB InBev breached its shareholder duties.
Governor DeSantis claims that Bud Light’s marketing campaign with transgender social media influencer Dylan Mulvaney caused losses for Florida’s state pension fund after a stock decline amid a boycott of America’s top selling beer brand. DeSantis accused AB InBev of not following its “fiduciary duty” to shareholders and pensioners by collaborating with Mulvaney.
Joshua explains that Bud Light is insulated from a legal standpoint by the fact that the collaboration with Mulvaney was a marketing decision. He notes that companies cannot be sued for breach of fiduciary duty over core business activities.