BUSINESS

Walmart Sued By Shareholder Over Bribery Allegations

04/25/2012 02:46 pm ET | Updated Jun 25, 2012

WILMINGTON, Del, April 25 (Reuters) - A shareholder sued the board and several officers of Wal-Mart Stores Inc on Wednesday over allegations that the company's Mexican affiliate paid bribes to local officials.

The lawsuit seeks to recover damage to the company's reputation as well as costs of investigating the claims, according to the complaint, which was filed in the Court of Chancery in Delaware, where Wal-Mart is incorporated.

The "illegal payments have and will continue to irreparably damage Wal-Mart's corporate image and goodwill and jeopardize its ability to do business in foreign countries," said the lawsuit, which was brought by Henrietta Klein.

The complaint was filed as a derivative lawsuit, which seeks to recover money on behalf of the company rather than shareholders.

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