Wal-Mart Faces More Shareholder Litigation
New York City’s pension funds is the latest group of disgruntled Wal-Mart shareholders to file suit against the retail giant.
The Office of the New York City Comptroller and the New York City Law Department announced Monday (June 11) that the NYC pension funds filed a shareholder derivative action against Wal-Mart Stores Inc. in Delaware Chancery Court.
The lawsuit concerns the recent allegations regarding the ongoing bribery scandal and cover-up at Wal-Mex, the Mexican subsidiary of Wal-Mart. The New York City funds held 5.6 million Wal-Mart shares as of March 31 and collectively oversee more than $121 billion in assets, according to the suit. Click here to read the full story from our partners at TheCityWire.com.