Wal-Mart told to disclose documents to Chancery Court
Wal-Mart Stores Inc. is being taken to task by institutional shareholders this week in a Delaware Chancery Court in Wilmington. Round one went in the favor of the investors, according to Bloomberg News covering the court proceedings.
The California State Teachers’ Retirement System, the New York City Employees’ Retirement System and the Indiana Electrical Workers Pension Trust Fund brought suit against the retail giant for financial damages and breech of fiduciary responsibility relating to the bribery allegations within the company’s Mexican business unit.
The investors contend Wal-Mart is hiding e-mails and other relevant documents about the Mexican bribery allegations to protect directors, but Delaware Chancery Court Judge Leo Strine ruled the documents must be turned over to the court as they are not covered by attorney-client privilege as Wal-Mart attorney’s argued.
Wal-Mart Stores Inc. does comment on pending litigation.
The case: Indiana Electrical Workers Pension Trust Fund IBEW v. Wal-Mart Stores Inc., CA No. 7779-CS, Delaware Chancery Court (Wilmington).