Pension Fund Sues Walmart Directors Over Mexican Bribery
Suit: Directors, execs should compensate firm for 'gross misconduct'
By Rob Quinn, Newser Staff
Posted May 4, 2012 3:48 AM CDT
Walmart execs allegedly bribed Mexican officials to speed up the opening of new stores.   (Getty Images)

(Newser) – A major Walmart shareholder is suing current and former directors and execs on the company's behalf over the Mexican bribery scandal. The California State Teachers' Retirement System —America's second-largest public pension fund—wants the directors and executives responsible for Walmart's Mexican unit to reimburse the company for damages suffered as a result of the alleged scheme to bribe Mexican officials, Bloomberg reports.

The lawsuit aims "to remedy the damages sustained by Walmart as a result of alleged gross misconduct by Walmart's executive officers and directors," the fund's CEO said in a statement. The focus of the action "is corporate governance reform to ensure that similar misconduct is not repeated in the future," he said. "We need truly independent directors who will set the right tone from the top." Billions of dollars have been wiped off Walmart's value since the scandal surfaced last month, Reuters notes.

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Showing 3 of 4 comments
jerrymac
May 4, 2012 11:33 AM CDT
Oh for God's sake! Why is this a story at all? Bribery is l a frigging way of life, and business, in that corrupt little country. Every business has had to pay bribes to get permits and or approval for projects in Mexico for decades, and probably since the beginning of the Industrial Revolution. This is just another attack on Wal Mart because the press and the unions hate them. How about a story on how many union businesses have paid bribes to do business in Mexico?
Mad
May 4, 2012 9:14 AM CDT
"Billions of dollars have been wiped off Walmart's value since the scandal" Couldn't happen to a better company!
Antagonist
May 4, 2012 8:33 AM CDT
I love Wal-mart. But these shareholder need to really FUCK Wal-Mart over !!!!!!!!! It's not like it is even going to hurt them.