By  on June 11, 2012

New York City Comptroller John C. Liu said Monday that the New York City Pension Funds have filed a shareholder derivative action against Wal-Mart Stores Inc. in a Delaware Chancery Court.

The lawsuit alleges that Wal-Mart’s officers and directors breached their fiduciary duty to the company and its shareholders by failing to properly handle credible claims of the bribery allegations and attempting to cover up details of the scandal. The allegations stem from a bribery and corruption scandal at Wal-Mex, the Mexican subsidiary of Wal-Mart.

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