New York City files derivative suit versus Wal-Mart

From reuters.com

New York City's pension funds on Monday became the latest group to file a derivative lawsuit against Wal-Mart Stores Inc based on reported allegations of bribery in Mexico and a possible cover-up by Wal-Mart officials. The suit, filed in Delaware Chancery Court, alleges that Wal-Mart's officers and board of directors breached their fiduciary duty to both the company and shareholders by failing to properly handle claims of alleged bribery and apparently attempting to cover up details of the issue. The issue was brought to light in an April 21 New York Times story which showed that bribes were paid by ... (full story)