Wal-Mart in settlement with former exec Coughlin
NEW YORK (Reuters) - Wal-Mart Stores Inc (WMT.N) said on Thursday it had reached a settlement with its former vice chairman, Tom Coughlin, avoiding a trial that was set to begin this week regarding the executive's retirement package.
Wal-Mart did not disclose terms of the settlement.
"We're satisfied that the settlement is fair to both parties and are ready to put this one behind us," Wal-Mart spokeswoman Daphne Moore said.
A lawyer for Coughlin could not immediately be reached for a comment.
Coughlin resigned from Wal-Mart in 2005 following an internal investigation into improper use of gift cards and other expenses. Wal-Mart accused Coughlin of misappropriating some $500,000 in company funds to buy personal items, including customized dog kennels, vacations, food, clothing and liquor.
Coughlin has since admitted to stealing thousands of dollars from the company, and in 2007, he pleaded guilty to wire fraud and tax evasion. Wal-Mart filed a suit against Coughlin in an effort to void his retirement agreement, which lawyers have said could be worth up to $15 million.
Coughlin joined Wal-Mart in 1978 and worked closely with legendary founder Sam Walton.
(Reporting by Nicole Maestri; Editing by Braden Reddall)
