CalSTRS Goes After Wal-Mart Execs Over Alleged Bribery Plot

Law360, New York (May 3, 2012, 10:34 PM EDT) -- The largest teacher pension fund in the country launched a derivative suit against Wal-Mart Stores Inc.'s officers and directors Thursday, claiming they engaged in an alleged $24 million bribery campaign designed to further the retail chain's expansion in Mexico.

The California State Teachers' Retirement System, the second-largest public pension fund in the U.S., accused Wal-Mart's senior executives of damaging the company by engaging in potential Foreign Corrupt Practices Act violations in an effort to facilitate the breakneck expansion of its operations in Mexico, which is now...
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