California Pension Fund Sues Wal-Mart Leaders

One of the nation's largest public pension funds has filed a lawsuit against current and former Wal-Mart executives and board members, saying they had breached their responsibility in handling an alleged bribery scheme.

The California State Teachers' Retirement System is seeking changes in Wal-Mart's corporate governance, saying the retailer's executives and directors ignored evidence of alleged malfeasance.SACRAMENTO — The California State Teachers' Retirement System is suingWal-Mart Stores Inc.executives and board members, accusing them of using bribery and corruption to gain approval from Mexican government officials to build new stores.

SAN FRANCISCO (Reuters) - The second largest U.S. public pension fund said on Thursday it had sued current and former executives and board members at Wal-Mart Stores Inc, alleging bribery and a cover-up in the company's expansion in Mexico. The $153 billion California State Teachers' Retirement System (CalSTRS), which holds more than 5.3 million shares of Wal-Mart Stores Inc, said in a statement it had filed the derivative lawsuit in Delaware on behalf of the company. ...

The second largest U.S.

Osman Gulseven submits: Established in 1913, The California State Teachers' Retirement System (CalSTRS) is one of the oldest state supported pension funds. CalSTRS is the largest teachers' retirement fund portfolio in the country, and also the seventh largest public pension fund in the world. The pension fund provides retirement, disability and survivor benefits to almost 900,000 state educators working in the state of California.

FAYETTEVILLE, Arkansas (Reuters) - Growing concern over the past actions of Wal-Mart Stores Inc executives

FAYETTEVILLE, Arkansas (Reuters) - Growing concern over the past actions of Wal-Mart Stores Inc executives and board members threatens to cast a pall over the world's largest retailer's annual shareholder meeting and 50th anniversary party on Friday. Large investors and a scrappy group of employee shareholders are calling for the removal of leaders such as Wal-Mart's chief executive officer and its chairman from the board for their alleged connection to a bribery scandal in Mexico. ...