Wal-Mart to face class-action over alleged bribery in Mexico

[...] Hickey ruled that the pension fund, the City of Pontiac General Employees' Retirement System, showed losses using another accounting method and that Wal-Mart failed to adequately explain why its accounting method was preferable.

In July, a federal appeals court rejected a shareholder lawsuit filed against key directors at Wal-Mart that claimed they allowed and concealed alleged bribery in the company's Mexico division.

Chief Judge William Riley wrote for the 8th U.S. Circuit Court of Appeals that shareholders, including the Louisiana Municipal Police Employees' Retirement System, did "not give rise to a reasonable reference" that the board of directors learned of the suspected bribery while it was being covered up and the internal investigation squashed.