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The suit comes two weeks after The New York Times reported that Wal-Mart allegedly covered up results of an internal probe that showed its Mexican subsidiary bribed officials there in 2005 and 2006 in exchange for speedier building permits and other favors. It's unclear whether board members knew about the alleged bribery scheme. The paper reported that Wal-Mart executives failed to notify law enforcement even after its own investigators found evidence of millions of dollars in bribes funneled through its Mexican unit. Such alleged practices would be a violation of the 1977 Foreign Corrupt Practices Act, which prohibits U.S. companies from bribing foreign officials. Wal-Mart said that it's doing its own investigation and has met with officials from the Securities and Exchange Commission and the Justice Department to discuss the ongoing probe. The Mexican government announced that it's doing its own probe.. Earlier this week, the New York City Pension Funds urged shareholders to vote against the re-election of Wal-Mart's Duke and four other board members due to concerns about the bribery allegations in Mexico. The pension group owns 5.6 million shares of Wal-Mart, which has more than 3.4 billion shares outstanding. Wal-Mart's share slipped 17 cents to $58.82 in afternoon trading. Its shares are down about 6 percent since news of the alleged bribery scheme surfaced.
[Associated
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