One of Wal-Mart Stores Inc.’s company lawyers argued in the Delaware Supreme Court in Wilmington last week that the company should not have to hand over to shareholders internal documents from an Foreign Corrupt Practices Act investigation that could show what, if anything, executives and directors knew about allegations concerning bribes paid to officials in Mexico, The FCPA Blog reports.
Institutional investor Indiana Electrical Workers Pension Trust Fund IBEW sued Wal-Mart in 2013 for access to its internal records. The original shareholder derivative suit alleges that the company’s board of directors breached its fiduciary duty by concealing and failing to properly investigate allegations that some of its employees bribed Mexican officials to win construction permits, The City Wire reports.
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