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Wal-Mart Shareholder Suit Over Bribery Allegations Dismissed
Source: Associated Press
Wal-Mart Shareholder Suit Over Bribery Allegations Dismissed
By RANDALL CHASE, AP BUSINESS WRITER
DOVER, Del. — May 13, 2016, 3:42 PM ET
A judge has dismissed a shareholder lawsuit over alleged bribery involving Wal-Mart's operations in Mexico.
The judge ruled Friday that a shareholder lawsuit in Delaware must be dismissed because an Arkansas judge had previously dismissed a similar complaint. Chancellor Andre Bouchard said the Arkansas ruling precluded shareholders from pursuing the Delaware lawsuit.
The lawsuits were prompted by allegations that Wal-Mart's Mexican unit paid millions of dollars in bribes to speed building permits and gain other favors. The allegations spurred federal investigations in the U.S. and Mexico, and a global anti-corruption compliance review by Wal-Mart.
The Arkansas judge said plaintiffs failed to show it would have been futile to demand that Wal-Mart's board address the alleged misconduct before they sued.
By RANDALL CHASE, AP BUSINESS WRITER
DOVER, Del. — May 13, 2016, 3:42 PM ET
A judge has dismissed a shareholder lawsuit over alleged bribery involving Wal-Mart's operations in Mexico.
The judge ruled Friday that a shareholder lawsuit in Delaware must be dismissed because an Arkansas judge had previously dismissed a similar complaint. Chancellor Andre Bouchard said the Arkansas ruling precluded shareholders from pursuing the Delaware lawsuit.
The lawsuits were prompted by allegations that Wal-Mart's Mexican unit paid millions of dollars in bribes to speed building permits and gain other favors. The allegations spurred federal investigations in the U.S. and Mexico, and a global anti-corruption compliance review by Wal-Mart.
The Arkansas judge said plaintiffs failed to show it would have been futile to demand that Wal-Mart's board address the alleged misconduct before they sued.
http://abcnews.go.com/International/wireStory/wal-mart-shareholder-suit-bribery-allegations-dismissed-39098985
