Shareholders accused Wal-Mart Stores Inc. in a Delaware court filing Thursday of failing to comply with a court order to produce files from an internal FCPA investigation of alleged bribery in Mexico.… Continue Reading
Despite decades of corruption that helped drive Greece into bankruptcy and a $300 billion international bailout, politicians there have passed a raft of new laws giving themselves and others immunity for graft.… Continue Reading
The Delaware Supreme Court Wednesday affirmed a lower court order for Walmart to turn over files and documents from an internal FCPA investigation to plaintiffs in a civil shareholder suit.
Walmart had appealed an order last year by Delaware’s Chancery Court, arguing the materials requested by the plaintiffs were protected by attorney-client privilege.… Continue Reading
Whatever the outcome of any eventual enforcement action against Walmart for alleged bribery in Mexico and maybe other countries, it’s clear the world’s biggest retailer is already a changed place.… Continue Reading
At oral argument Thursday in the Delaware Supreme Court, where Walmart is appealing a lower court order to produce internal FCPA investigation files to shareholders, one remarkable exchange indicated that the idea of revising the Caremark standards, which I talked about in my prior post, was squarely on the minds of the justices.… Continue Reading
Managing corruption has added benefits for a company. In 2010, when faced with hundreds of incidents of bribing government officials across multiple nations, Panalpina, the Swiss leader in logistics, admitted a culture of corruption had emanated from its senior level management who “tolerated bribery as business as usual.”… Continue Reading
Walmart Stores Inc. said in its Form 10-Q filed with the SEC on June 6 that it cut FCPA investigations and compliance-related costs for the quarter ended April 30 by $20 million year-over-year.… Continue Reading
The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures.… Continue Reading
Walmart Inc. said it has spent $439 million in legal fees and other costs associated with investigations of alleged FCPA violations and revamping its global compliance protocol.
The retailer’s fiscal 2014 Global Compliance Program Report was released in April in the wake of allegations of bribery and corruption associated with expansion efforts in Mexico, India, Brazil and China.… Continue Reading
Wal-Mart’s expenses for FCPA investigations and its global compliance program were $282 million for the past fiscal year and $157 million for the year before.
The company said in an SEC filing it expects more costs for FCPA investigations, and for responding to subpoenas and defending existing and new shareholder lawsuits.… Continue Reading
Wal-Mart Stores, Inc. said in an earnings release Thursday that it expects to spend between $200 million and $240 million on FCPA-related matters and compliance for fiscal 2015.
The world’s largest retailer has already spent more than $300 million on FCPA and compliance related matters.… Continue Reading