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In late April, The New York Times reported that Wal-Mart's Mexican unit allegedly paid millions of dollars in bribes to speed building permits and gain other favors, and that executives didn't notify authorities even after Wal-Mart found evidence of the scheme during a probe dating to 2005. The bribery allegations have led to federal investigations in both the U.S. and Mexico, as well as a global anti-corruption compliance review by Wal-Mart. They also have spawned about a dozen shareholder lawsuits seeking changes in Wal-Mart's corporate governance and damages on behalf of the company from current and former executives and directors. Strine told attorneys for the pension groups to try to work cooperatively and seek access to Wal-Mart's internal corporate records, then decide whether to file a complaint on behalf of Wal-Mart stockholders that can withstand court scrutiny. "It's stupid not to talk to each other," he said. Stuart Grant, an attorney representing CALstrs at Monday's hearing, told Strine that the two sides had tried but failed to reach agreement on working together. "We will make every effort to continue those discussions and present the court with a proposal," said Frederic Fox, an attorney representing the New York City funds.
[Associated
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