Wal-Mart Settles With Ousted Exec For $6.75M

Law360, New York (August 22, 2008, 12:00 AM EDT) -- Wal-Mart Stores Inc. will pay former executive Thomas Coughlin $6.75 million to void a retirement package that could have brought him an additional $17 million, the company said in a regulatory filing.

Coughlin, former vice chairman of the board, has given up all rights and claims under the retirement agreement and other benefits Wal-Mart withheld when it first revoked the deal in 2005, according to a filing made Thursday with the U.S. Securities and Exchange Commission.

The total value of the remaining benefits under the retirement...
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