NYC Files Derivative Suit vs. Wal-Mart

A report by Reuters said that New York City's pension funds have filed a derivative lawsuit against Wal-Mart Stores Inc. based on reported allegations of bribery in Mexico and a possible cover-up by Wal-Mart officials. The suit, filed in Delaware Chancery Court, alleges that Wal-Mart's officers and board of directors breached their fiduciary duty to both the company and shareholders by failing to properly handle claims of alleged bribery and apparently attempting to cover up details of the issue. Wal-Mart could not be immediately reached for comment.