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Wal-Mart nudges higher despite potential US lawsuit

Thursday, September 22, 2016 7:41
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(Before It's News)

US retail behemoth and Asda owner Wal-Mart (NYSE: WMT) saw shares nudge higher on Thursday despite news emerging it must face a US lawsuit over bribery in Mexico.

A judge has reportedly ruled that it must face an action, which accuses it of defrauding shareholders by concealing suspected bribery to help it expand faster in Mexico.

The market value of the retailer fell by a whopping US$17bn over three days in April four years ago, after The New York Times reported the firm paid bribes to Mexican officials for years to speed up the openings of new stores.

Shareholders said Wal-Mart knew about the scheme as early as 2005.

This latest court decision means shareholders as a group can sue Wal-mart and its former chief executive Mike Duke  over the alleged cover-up, which could lead to a big payout.

Walmart shares are up 0.29% to US$72.40 at the time of writing.

Story by ProactiveInvestors

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