Top Menu

Archive | Wal-Mart

Public Citizen’s Sophomoric Wal-Mart Letter

public citizen

Recently, Public Citizen (a non-profit organization which bills itself as “serv[ing] as the people’s voice in the nation’s capital”) released this letter about Wal-Mart’s FCPA scrutiny and sent to U.S. Attorney General Loretta Lynch and SEC Chair Mary Jo White.

The sophomoric letter invokes almost exclusively the writings of a non-lawyer journalist from the New York Times (who reported on Wal-Mart issues in 2012, but has since not written another article about Wal-Mart) and calls for “vigorous prosecution of both the companies and individuals involved in the alleged bribery and cover-up.”

Substantively, the sophomoric letter is about two pages long and in those short two pages the general qualifier – if the New York Times article is accurate – is invoked nearly ten times.

Continue Reading

Friday Roundup

Roundup

Scrutiny alerts and updates, ripples, difficult business conditions, resource alerts, and for the reading stack. It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

Wal-Mart

Bloomberg reports:

“Wal-Mart Stores Inc. is butting heads with the U.S. government over how to wrap up a long-running foreign corruption investigation. Officials have proposed that the world’s biggest retailer pay at least $600 million to resolve probes by the Justice Department and the Securities and Exchange Commission into whether it bribed government officials in markets from Mexico to India and China, according to three people familiar with the matter. The retailer has rebuffed the government’s request, two of them said.

Continue Reading

Friday Roundup

Roundup

Checking in on Wal-Mart, DOJ “declinations,” another installment of as we say not as we do, scrutiny alerts, and cashing in. It’s all here in the Friday roundup.

Wal-Mart

In its recent 2Q FY2017 earnings call presentation Wal-Mart disclosed $28 million in Foreign Corrupt Practices Act and compliance related expenses ($23 million for ongoing investigations and inquiries and $5 million for global compliance program and organizational enhancements). The Q2 expenses of $28 million are higher than the Q1 expenses of $25 million.

Continue Reading

Eighth Circuit Affirms Dismissal Of Wal-Mart Derivative Actions

Wal-Mart

As highlighted in this prior post, in March 2015 a federal district court dismissed eight Wal-Mart shareholder derivative actions (consolidated into one) brought in the aftermath of the company’s FCPA scrutiny.

Last Friday in this opinion, the Eighth Circuit affirmed the dismissal.

Those who predicted that the Wal-Mart derivative actions would set a new standard for director liability were once again proven wrong (see here for the prior post).

Continue Reading

Friday Roundup

Roundup

A public service announcement, Wal-Mart’s pre-enforcement action professional fees and expenses, scrutiny alert, happenings in Bermuda, a fee dispute, quotable, a useful timeline, for the reading stack, and good for a few chuckles. It’s all here in the Friday roundup.

A Public Service Announcement

Section 5 of the Federal Trade Commission Act requires the disclosure of a material connection between an advertiser and an endorser when the relationship isn’t otherwise apparent to consumers. As the FTC has made clear, the law applies to bloggers.

Certain members of the FCPA’s blogosphere (who frequently write about compliance best practices, transparency, conflicts of interest and related topics) may want to take notice and act accordingly.

Continue Reading

Powered by WordPress. Designed by WooThemes