Judge dismisses Wal- Mart bribery suit

A shareholder lawsuit against Wal- Mart Stores Inc. related to reports of bribery in the retailer’s Mexico business was dismissed by a New York judge earlier this week.

U. S. District Judge Katherine Polk Failla said in a 45- page ruling that the class could not pursue claims that former Wal- Mex chairman Ernesto Vega and chief executive officer Scot Rank misled shareholders and concealed what prosecutors said was bribery. The lawsuit was filed in April 2015 on behalf of Wal- Mex shareholders between December 2011 and April 2012.

“We appreciate the court’s careful consideration of the issues and are pleased with the decision dismissing these claims,” Wal- Mart spokesman Randy Hargrove said.

The lawsuit was one of several filed against Wal- Mart after a 2012 New York Times article detailed what it called a bribery scheme and cover- up in Mexico. Last September, a federal judge in Arkansas granted class- action status to a Michigan- based retirement fund’s lawsuit claiming Wal- Mart defrauded investors.

Wal- Mart has been conducting an internal investigation into the bribery allegations in Mexico since 2011. The investigation has since grown to include dealings in “but not limited to” Brazil, China and India, according to Securities and Exchange Commission filings.

The SEC and the U. S. Justice Department also are conducting inquiries.