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Shareholder Sues Wal-Mart Stores Inc To Get Mexico Bribery Documents- Reuters

Thursday, 16 Aug 2012 11:04pm EDT 

Reuters reported that an Indiana union pension fund that holds shares in Wal-Mart Stores Inc has sued the Company to gain access to thousands of internal documents related to allegations that a Wal-Mart subsidiary bribed Mexican government officials. The complaint is the latest challenge to Wal-Mart following a report by The New York Times in April that said Wal-Mart had found evidence its Mexican subsidiary, Wal-Mart de Mexico, allegedly paid bribes to facilitate the awarding of store permits. The paper at the time reported the Company's corporate headquarters stifled an internal probe into the allegations. Investors in light of the Times' article sued Wal-Mart and its Board of Directors in Delaware's Court of Chancery. The lawsuits accused the Company's officers and directors of breaching their fiduciary duties to Wal-Mart and its shareholders. The latest lawsuit, also filed in the Delaware Court of Chancery, said the Company had made a woefully deficient production of documents following an earlier out-of-court demand. What documents were produced were "so heavily redacted," or blacked out, they were nearly worthless, the pension fund said. The complaint, made public August 16, is itself redacted. Wal-Mart was given three days to redact the complaint, which was filed Monday. The lawsuit also said an unnamed whistleblower had mailed documents to the fund's lawyers "substantiating numerous facts" in the Times' article related to bribes paid by Wal-Mart de Mexico, or WalMex. 

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29 Jul 2014