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California Teachers Pension Fund Sues Wal-Mart Over Mexican Bribery Scandal

The California State Teachers' Retirement System (CalSTRS), one of the largest public pension funds in the country, has filed a derivative lawsuit against Wal-Mart over the reports of widespread bribery by the retailer's Mexico division that have enveloped the company in scandal in recent weeks.  CalSTRS claims that Wal-Mart directors, both past and present, violated their fiduciary duties to shareholders by engaging in the Mexican bribery schemes, failing to investigate the allegations once they surfaced, and failing to inform shareholders of the alleged wrongdoing of Wal-Mart officers.