Wal-Mart Stores Inc on Monday won the dismissal of a U.S. lawsuit accusing the world's largest retailer of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico.
U.S. District Judge Katherine Polk Failla in Manhattan said holders of Wal-Mex's American depository shares (ADRs) cannot pursue claims that Wal-Mex's former Chairman Ernesto Vega and Chief Executive Scot Rank knew or were reckless in not knowing about the bribery allegations.
She also rejected shareholder claims that Wal-Mex and Wal-Mart were liable for Vega's and Rank's activity, and that Wal-Mex misled shareholders by saying it operated legally and ethically during the alleged bribery scheme.
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