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Reuters reports that US District Judge Katherine Polk Failla in Manhattan yesterday dismissed a lawsuit that accused Walmart "of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico."

According to the story, the judge ruled that "holders of Wal-Mex's American depository shares (ADRs) cannot pursue claims that Wal-Mex's former Chairman Ernesto Vega and Chief Executive Scot Rank knew or were reckless in not knowing about the bribery allegations. She also rejected shareholder claims that Wal-Mex and Wal-Mart were liable for Vega's and Rank's activity, and that Wal-Mex misled shareholders by saying it operated legally and ethically during the alleged bribery scheme."

Reuters notes that "the lawsuit is one of several targeting Wal-Mart after The New York Times in April 2012 reported that the Bentonville, Arkansas-based retailer bribed Mexican officials for years to speed up store openings."
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