BREAKING NEWS

New York City files derivative suit vs. Wal-Mart

By REUTERS

JUNE 11, 2012 23:26

June 11 - New York City's pension funds on Monday became the latest group to file a derivative lawsuit against Wal-Mart Stores Inc based on reported allegations of bribery in Mexico and a possible cover-up by Wal-Mart officials.

The suit, filed in Delaware Chancery Court, alleges that Wal-Mart's officers and board of directors breached their fiduciary duty to both the company and shareholders by failing to properly handle claims of alleged bribery and apparently attempting to cover up details of the issue.

The issue was brought to light in an April 21 New York Times report which said that management at Wal-Mart de Mexico , or Walmex, allegedly orchestrated bribes of $24 million to help it grow quickly in the last decade and that Wal-Mart's top brass tried to cover it up.

"Rooting out the directors and executives responsible for the current crisis would be a first step, but Wal-Mart also needs corporate governance reforms and an independent board that will protect outside shareholders and safeguard against another breakdown of internal controls," New York City Comptroller John C. Liu said in a statement.

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