Wal-Mart Has To Face Class-Action Lawsuit, Judge Says

U.S. District Judge Susan Hickey ruled that a class-action lawsuit accusing Wal-Mart Stores Inc. of defrauding shareholders can proceed. Hickey rejected Wal-Mart's assertion that the pension fund City of Pontiac General Employees' Retirement System had no legal basis to lead the case, which arose from alleged acts of bribery committed by company officials in Mexico. Wal-Mart's stock market value dropped by about $17 billion in April 2012, following a report about the bribery case published by The New York Times. Shareholders of the retailer claimed Wal-Mart knew about the case as early as 2005 but chose to downplay it.