Calif. Pension Fund Sues Walmart

In what may be the first sign of serious blowback for Walmart after a bombshell New York Times report last month, the United States’ second-largest pension fund said it is suing the company over allegations of misconduct in Mexico. The California State Teachers’ Retirement System holds more than 5.3 million shares of Walmart Stores Inc. In a statement, the public pension fund said it had filed suit in Delaware based on the allegations made in the Times report, which said Walmart used bribery to speed its growth in Mexico, then covered up the payouts. The fund’s CEO said in a statement that the case was intended to ensure “that similar misconduct is not repeated in the future.”