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A US judge ordered attorneys for Wal-Mart Stores Inc. to turn over more information to shareholders seeking records on how the company responded to allegations of bribery involving its operations in Mexico.
The judge yesterday suggested that Wal-Mart attorneys had taken a “persnickety and narrow” approach to turning over documents requested by attorneys for large pension funds trying to find out what, and when, company directors knew of the payments.
The plaintiffs also want information about an internal investigation conducted by Bentonville, Ark.-based Wal-Mart into allegations that bribes were used to speed building permits and gain other favours.
The shareholders have alleged that Wal-Mart officials breached their fiduciary duties by allowing and covering up the alleged payments, which spurred federal bribery investigations in both the US and Mexico.
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