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California pension fund sues Wal-Mart, alleges bribery
Source: Reuters
California pension fund sues Wal-Mart, alleges bribery
By Jim Christie
SAN FRANCISCO | Thu May 3, 2012 10:54pm EDT
(Reuters) - The second largest U.S. public pension fund said on Thursday it had sued current and former executives and board members at Wal-Mart Stores Inc, alleging bribery and a cover-up in the company's expansion in Mexico.
The $153 billion California State Teachers' Retirement System (CalSTRS), which holds more than 5.3 million shares of Wal-Mart Stores Inc, said in a statement it had filed the derivative lawsuit in Delaware on behalf of the company.
The lawsuit is based on a story that appeared last month in the New York Times that reported Wal-Mart de Mexico, which is 69 percent owned by Wal-Mart, orchestrated a widespread bribery campaign to win market dominance.
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"By utilizing the derivative action, CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors," CalSTRS Chief Executive Officer Jack Ehnes said in the statement.
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By Jim Christie
SAN FRANCISCO | Thu May 3, 2012 10:54pm EDT
(Reuters) - The second largest U.S. public pension fund said on Thursday it had sued current and former executives and board members at Wal-Mart Stores Inc, alleging bribery and a cover-up in the company's expansion in Mexico.
The $153 billion California State Teachers' Retirement System (CalSTRS), which holds more than 5.3 million shares of Wal-Mart Stores Inc, said in a statement it had filed the derivative lawsuit in Delaware on behalf of the company.
The lawsuit is based on a story that appeared last month in the New York Times that reported Wal-Mart de Mexico, which is 69 percent owned by Wal-Mart, orchestrated a widespread bribery campaign to win market dominance.
[font size=1]-snip-[/font]
"By utilizing the derivative action, CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors," CalSTRS Chief Executive Officer Jack Ehnes said in the statement.
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Read more: http://www.reuters.com/article/2012/05/04/us-wal-mart-lawsuit-idUSBRE84303V20120504