Shareholder Sues Walmart Board Over Mexico Bribery Allegations

The fallout continues over WalmartMexicoGate, a term I just made up right now that will likely never be used again. A shareholder in the nation’s largest retailer has filed a lawsuit against the company’s board of directors over the bad press tied to allegations that Walmart spent millions of dollars bribing folks in Mexico.

The lawsuit, filed in Court of Chancery in Delaware, states that “illegal payments have and will continue to irreparably damage Wal-Mart’s corporate image and goodwill and jeopardize its ability to do business in foreign countries.”

Thus, the shareholder has filed the complaint on behalf of the company — as opposed to her own behalf — in the hopes of recovering damages from Walmart’s board and senior executives for Walmart.

This news comes on the heels of reports that the DOJ is investigating whether or not Walmart broke any laws — at the same time as the retailer just happened to create the position of Global Foreign Corrupt Practices Act Compliance Officer.

Wal-Mart shareholder sues over bribery scandal [Reuters]