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California Teachers Pension Fund Sues Wal-Mart Over Mexican Bribery Scandal

California Teachers Pension Fund Sues Wal-Mart Over Mexican Bribery Scandal

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Published by FindLaw
The California State Teachers' Retirement System (CalSTRS), one of the largest public pension funds in the country, has filed a derivative lawsuit against Wal-Mart over the reports of widespread bribery by the retailer's Mexico division that have enveloped the company in scandal over recent weeks. CalSTRS claims that Wal-Mart directors, both past and present, violated their fiduciary duties to shareholders by engaging in the Mexican bribery schemes, failing to investigate the allegations once they surfaced, and failing to inform shareholders of the alleged wrongdoing of Wal-Mart officers.
The California State Teachers' Retirement System (CalSTRS), one of the largest public pension funds in the country, has filed a derivative lawsuit against Wal-Mart over the reports of widespread bribery by the retailer's Mexico division that have enveloped the company in scandal over recent weeks. CalSTRS claims that Wal-Mart directors, both past and present, violated their fiduciary duties to shareholders by engaging in the Mexican bribery schemes, failing to investigate the allegations once they surfaced, and failing to inform shareholders of the alleged wrongdoing of Wal-Mart officers.

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Published by: FindLaw on May 04, 2012
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11/08/2012

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CALIFORNIA STATE TEACHERS’
RETIREMENT SYSTEM, derivatively on behalf of
WAL-MART STORES, INC.,

Plaintiff,

v.

AIDA M. ALVAREZ, JAMES W. BREYER, M.
MICHELLE BURNS, JAMES I. CASH, JR.,
ROGER C. CORBETT, DOUGLAS N. DAFT,
MICHAEL T. DUKE, GREGORY B. PENNER,
STEVEN S. REINEMUND, H. LEE SCOTT, JR.,
ARNE M. SORENSON, JIM C. WALTON, S.
ROBSON WALTON, CHRISTOPHER J.
WILLIAMS, LINDA S. WOLF, DAVID D.
GLASS, ROLAND A. HERNANDEZ, JOHN D.
OPIE, J. PAUL REASON, JOSE H.
VILLARREAL, EDUARDO CASTRO-WRIGHT,
THOMAS A. MARS, JOSÉ LUIS
RODRÍGUEZMACEDO RIVERA, EDUARDO F.
SOLÓRZANO MORALES, THOMAS A. HYDE,
JOHN B. MENZER, and LEE STUCKEY,

Defendants,

-and-

WAL-MART STORES, INC.,

Nominal Defendant.

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Civil Action No. _________

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