U.S. judge dismisses case against Wal-Mart over Mexico bribery

[Judi Lynn]

Mon Feb 27, 2017 | 5:02pm GMT
U.S. judge dismisses case against Wal-Mart over Mexico bribery


By Jonathan Stempel



Feb 27 Wal-Mart Stores Inc on Monday won the dismissal of a U.S. lawsuit accusing the world's largest retailer of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico.

U.S. District Judge Katherine Polk Failla in Manhattan said holders of Wal-Mex's American depository shares (ADRs) cannot pursue claims that Wal-Mex's former Chairman Ernesto Vega and Chief Executive Scot Rank knew or were reckless in not knowing about the bribery allegations.

She also rejected shareholder claims that Wal-Mex and Wal-Mart were liable for Vega's and Rank's activity, and that Wal-Mex misled shareholders by saying it operated legally and ethically during the alleged bribery scheme.

. . .

The lawsuit is one of several targeting Wal-Mart after The New York Times in April 2012 reported that the Bentonville, Arkansas-based retailer bribed Mexican officials for years to speed up store openings.

More:
http://uk.reuters.com/article/walmart-mexico-decision-idUKL2N1GC0SK?rpc=401&

LBN:
http://www.democraticunderground.com/10141715058

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[Doreen]

1. Wal-Mart is evil.