U.S. Judge Susan O. Hickey on Tuesday approved a $160 million settlement in a class-action case involving bribery allegations against Walmart Inc. of Bentonville in Mexico.
The settlement, reached in October, ends litigation that began after a 2012 article in the New York Times alleged a bribery scheme involving Wal-Mart’s Mexican subsidiary and Mexican government officials. Shareholders accused the retailer of violating the Foreign Corrupt Practices Act and questioned how Walmart’s board of directors dealt with the matter.
More: Read the settlement here.
Walmart did not admit wrongdoing in the settlement. A spokesman for the company said the retailer was pleased with approval of the deal.
“We are pleased both sides could reach a resolution that ends this litigation,” Karen Roberts, executive vice president and general counsel for Walmart, said in a statement in October. “Years ago, we began making investments that have established a leading, comprehensive, worldwide ethics and compliance program for our business.”
The Times’ story, published April 21, 2012, said Walmart executives shut down an internal investigation into allegations that Walmart’s Mexico unit paid $24 million in bribes to obtain permits throughout the country.
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