CalSTRS Punishes Wal-Mart Board Over Bribery Scandal

Law360, New York (May 22, 2012, 4:24 PM EDT) -- The U.S.' largest teacher pension fund pledged Tuesday to vote against Wal-Mart Stores Inc.'s board of directors in the wake of bribery allegations at the retail giant's Mexico unit, a move meant to serve as a stinging rebuke of the way the retailer has handled the ongoing scandal.

The California State Teachers' Retirement System, which already sued Wal-Mart over the bribery scandal, said it had lost confidence in the company's leadership and would vote its 5.3 million shares against the entire board's re-election during Wal-Mart's annual...
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