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Wal-Mart Says It Doesn't Control Wal-Mex In Bribery Case

Law360, New York (April 7, 2015, 8:03 PM EDT) -- Wal-Mart Stores Inc. asked a New York federal court Monday to dismiss a putative class action over subsidiary Wal-Mex's alleged bribery of officials in Mexico, saying the shareholder suit is time-barred and Wal-Mart did not “control” the subsidiary under securities law.

The company put forth a number of reasons why the suit over Wal-Mex American depositary shares, or ADRs, should not proceed, including a two-year statute of limitations that allegedly has expired and the contention that Wal-Mart is not in control of Wal-Mex under the law....
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