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Walmart prevails in shareholder FCPA-related derivative case

Jaclyn Jaeger | May 17, 2016

Walmart’s board of directors successfully moved to dismiss a shareholder FCPA-related derivative claim, in which shareholders accused the directors of breaching their fiduciary duties in connection with a massive bribery and corruption scandal at the retail giant’s Mexico operations.

In a 60-page decision, Delaware Chancery Court Judge Andre Bouchard on May 13, ruled that the dismissal by an Arkansas judge of a parallel shareholder derivative claim precluded the Delaware case from going forward.

Derivative claims are brought by shareholders on behalf of a company, typically against the company’s directors or officers and often for alleged breaches of fiduciary duty. Any monetary award recovered is paid to the company—not the plaintiff—after the deduction of...

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