Walmart Is Being Sued For Allegedly Bribing The Mexican Government

by MR Magazine Staff

Walmart must face a class-action lawsuit accusing the world’s largest retailer of defrauding shareholders by concealing suspected bribery to help it expand faster in Mexico, a U.S. judge said. In a decision on Tuesday, U.S. District Judge Susan Hickey in Fayetteville, Arkansas rejected Walmart’s contention that a Michigan pension fund had no standing to lead the case because it had not suffered losses on the retailer’s stock. The decision means shareholders can sue Walmart and former chief executive Mike Duke as a group over the alleged cover-up of bribery at Walmart de Mexico. This could lead to a larger payout at lower cost than if individual lawsuits were required. Read more at Fortune.