By  on September 2, 2014

Abercrombie & Fitch Co.’s board has settled a lawsuit filed by a Florida pension plan under which the retailer will be required to beef up its corporate governance policies.

Abercrombie’s board denied any wrongdoing in the settlement, which still has to be approved by a federal district court in Ohio. The terms of the settlement call for the appointment of a chief ethics and compliance officer. In addition, executive pay will be more closely tied to performance.

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