NYC Pension Funds Sue Wal-Mart Over Mexican Expansion

Law360, New York (June 11, 2012, 6:14 PM EDT) -- New York City's pension funds sued Wal-Mart Stores Inc. in a shareholder derivative suit in Delaware on Monday, arguing they should be tapped to lead the litigation alleging Wal-Mart's leadership didn't investigate corruption in its Mexican expansion.

The funds alleged that Wal-Mart largely tried to cover up widespread corruption in its Mexican subsidiary, which allegedly paid out $24 million in bribes to local officials to secure locations for its stores as the retailer pushed an aggressive expansion in the country.

"The defendants knew or should have...
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