WILMINGTON, Del. — A Delaware judge has chastised attorneys for two large public employee retirement systems for rushing to court with lawsuits over allegations of bribery involving Wal-Mart’s operations in Mexico.
The judge on Monday denied competing requests from the California State Teachers Retirement System and a group of New York City pension funds. The motions were seeking appointments of lead plaintiff and lead counsel in a consolidated shareholder lawsuit alleging that Wal-Mart Stores Inc. officials breached their duties by allowing and covering up bribery.
The judge said attorneys for the California and New York pension systems seemed more interested in competing with one another and filing sloppy complaints based on media reports, rather than demanding corporate records from Wal-Mart and taking time to investigate.