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