Wal-Mart Stores Inc.'s board was sued by a California pension fund over its mishandling of allegations that the world's largest retailer bribed Mexican officials to help fuel the company's growth in the country.
Wal-Mart directors and executives responsible for overseeing the company's Mexican unit should reimburse the Bentonville, Arkansas-based retailer for damages the chain suffered as a result of the bribery scheme, lawyers for the California State Teachers Retirement System said in a lawsuit filed yesterday in Delaware Chancery Court in Wilmington.
“The board's prolonged failure to address detailed and credible allegations of criminal activity” has caused the retailer “substantial harm,” the pension fund said in the complaint.
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