California pension fund sues Wal-Mart leaders

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Associated Press

Posted on May 4, 2012 at 10:01 AM

Updated Friday, May 4 at 10:02 AM

NEW YORK (AP) — One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.

The California State Teachers' Retirement System, which holds more than 5.3 million shares of Wal-Mart Stores Inc., says in the suit filed late Thursday in Delaware that it wants changes in corporate governance and improvements in its internal procedures at the world's biggest retailer.

It is asking that any damages sustained as a result of the violations should be awarded to the company.

Last month, The New York Times reported Wal-Mart allegedly covered up results of an internal probe that showed its Mexican subsidiary bribed officials there to get favored store locations.

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