Walmart Agrees To $160 Million Settlement Of Class-Action Lawsuit

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

BENTONVILLE (Talk Business & Politics) — Walmart has agreed to a proposed settlement with the City of Pontiac, Mich., General Employees Retirement System that would put an end to fraud allegations in this case brought against the retail giant following the 2011 investigation of violations of the Federal Corruption Practices Act (FCPA) in Mexico, China, India and Brazil.

In a federal filing with the Securities & Exchange Commission late Friday (Oct. 26) Walmart has agreed to pay a settlement of $160 million to the investor class while accepting no liability or claim of guilt or wrongdoing by the company or any of the named defendants in the suit.

“We are pleased both sides could reach a resolution that ends this litigation. Years ago, we began making investments that have established a leading, comprehensive, worldwide ethics and compliance program for our business,” said Karen Roberts, executive vice president and general counsel for Walmart Inc.

Read more from our partners at Talk Business & Politics.

 

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.