NEW YORK (AP) — A group of New York City pension funds is suing current and former Wal-Mart executives, saying they mishandled an alleged bribery scheme at the world’s largest retailer.
The group filed a lawsuit on Monday on behalf of the company itself against the executives.
The goal in such cases, known as “derivative actions,” is not to reap big financial rewards but to change the way a company is run. The funds own 5.6 million shares of Wal-Mart Stores Inc.
This is the latest of at least a dozen such lawsuits filed against Wal-Mart since the New York Times reported in late April that Wal-Mart’s Mexican unit allegedly paid millions of dollars in bribes to win favors.
The Times said executives didn’t notify authorities even after Wal-Mart found evidence of the scheme.