A senior money manager at Icahn Capital has filed a high-profile lawsuit against his billionaire employer and Bausch + Lomb, alleging he was unlawfully denied a corporate board seat because he is White.
The plaintiff, Steven Miller, claims the decision cost him hundreds of millions of dollars in compensation and violated federal civil rights law. The lawsuit was filed Monday in federal court in Miami.
Allegations of Discriminatory Board Selection
According to the complaint, Miller was passed over for a board position after Bausch + Lomb became a standalone public company, following an initial public offering in 2022. Miller alleges that Bausch + Lomb required that one of the two board nominees from Icahn Capital be “diverse,” effectively excluding him from consideration.
Miller says the role instead went to another money manager, despite his seniority and experience. The lawsuit claims this decision resulted in “hundreds of millions” of dollars in lost compensation, and Miller is seeking at least $221 million in damages.
Role of Carl Icahn and Icahn Capital
Carl Icahn’s firm acquired a stake in Bausch + Lomb’s parent company, Bausch Health, in 2021. Miller was subsequently appointed to Bausch Health’s board alongside Brett Icahn, Carl Icahn’s son.
However, when Bausch + Lomb established its own board after the IPO, the board included Brett Icahn and Gaoxiang “Gary” Hu, but not Miller. The lawsuit alleges that the diversity requirement governing board nominations was set out in a private agreement with Icahn Capital that was not disclosed to U.S. financial regulators.
Claims Under Federal Civil Rights Law
Miller is represented by America First Legal, which was co-founded by Stephen Miller, a former adviser to President Donald Trump.
The complaint alleges violations of 42 U.S.C. §1981 and Title VII of the Civil Rights Act of 1964, which prohibit race-based discrimination in employment and contractual relationships. According to the filing, Miller’s exclusion was based solely on race, making the diversity mandate unlawful under federal law.
Experience and Track Record Cited
Miller’s lawsuit emphasizes his long record of board service and shareholder support. He has served on the boards of six publicly traded companies, including JetBlue Airways, and previously held board roles at Xerox Holdings and Herc Holdings.
The complaint states that Miller has “a perfect record of shareholders voting in favor” of his reelection to corporate boards, arguing that his qualifications were never in question.
Other Defendants Named
In addition to Bausch + Lomb and Icahn Capital, the lawsuit names Carl Icahn, Brett Icahn, and Gaoxiang “Gary” Hu as defendants. Hu has held board seats at companies including Dana Incorporated and Occidental Petroleum, and previously worked at Silver Point Capital.
Both Brett Icahn and Hu have since left Bausch + Lomb’s board. None of the defendants have publicly commented on the allegations.
Broader Debate Over DEI Policies
The lawsuit lands amid an intensifying national debate over diversity, equity, and inclusion policies in corporate America. Corporate boards have become more diverse over the past decade as companies responded to investor pressure and social movements.
Following Donald Trump’s return to the White House, his administration has pledged to challenge what it views as unlawful or explicit diversity mandates in corporate governance, universities, and workplaces. America First Legal has already pursued similar litigation, including a lawsuit against Target over DEI-related disclosures.
Legal and Market Implications
The case raises significant questions about how far companies can go in imposing diversity requirements without violating federal anti-discrimination laws. A ruling in Miller’s favor could have far-reaching consequences for board nomination practices, private agreements between investors and companies, and the future structure of DEI policies across corporate America.
The case is Miller v. Bausch Health Companies, U.S. District Court for the Southern District of Florida, Case No. 25-cv-25893.
