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