Wal-Mart Officials Sued Over Mexican Bribery Allegations

Wal-Mart Stores Inc. (WMT) officials were sued by a group of New York pension funds for alleged mismanagement in failing to prevent bribery as the world’s largest retailer expanded operations in Mexico.

Investors including the New York City Employees’ Retirement System, Police Pension Fund, Fire Department Pension Fund and Board of Education Retirement System contend that company officials were duty bound to control alleged “widespread corruption” and a subsequent cover-up at Wal-Mart de Mexico, according to a complaint filed today in Delaware Chancery Court.

The U.S. government investigation into $24 million in alleged Mexican bribes might cost Wal-Mart hundreds of millions of dollars, former federal prosecutors have said.