New York City files suit against Wal-Mart over bribery scandal

The city’s pension funds claim Wal-Mart’s officers breached their fiduciary duty by covering up the scandal

Months after the New York Times broke the story that Wal-Mart Stores Inc. may have covered up rampant violations to the Foreign Corrupt Practices Act (FCPA) within its Mexican subsidiary, the retail giant is still dealing with the mess.

Yesterday, news surfaced that New York City Pension Funds have filed a derivative lawsuit in Delaware Chancery Court against the world’s largest retailer accusing its officers and board of directors of breaching their fiduciary duty to both the company and its shareholders by not properly handling the issue and possibly trying to cover up the bribes.

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