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Judge in no rush to hear Wal-Mart bribery lawsuit

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 Stores Inc.’s operations in Mexico.

The judge on Monday denied competing motions from the California State Teachers Retirement System and a group of New York City pension funds seeking appointments of lead plaintiff and lead counsel in a consolidated shareholder lawsuit alleging that Wal-Mart officials breached their fiduciary duties by allowing and covering up the alleged 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, taking time to investigate, then acting in the best interests of Wal-Mart stockholders.

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