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Walmart reaches proposed class-action settlement for $160M

Jaclyn Jaeger | November 5, 2018

Walmart has reached a proposed settlement with the City of Pontiac General Employees’ Retirement System (PGERS) in a securities fraud class-action lawsuit concerning a long-running investigation into violations of the Foreign Corrupt Practices Act.

In 2012, PGERS filed a securities class-action lawsuit alleging Walmart made materially false and misleading statements and failed to disclose adverse material facts known to it that would have made the statements made by them not misleading. The allegations arise from statements the defendants made in a Form 10-Q filed with the Securities and Exchange Commission in December 2011.

Specifically, PGERS alleged that Walmart omitted and/or provided misleading information about an alleged bribery scheme that was orchestrated by Walmart de Mexico, a subsidiary of Walmart. PGERS further alleges that the statements...

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