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FCPA Blog Daily News

Entries in Walmart (154)

Wednesday
Jul162014

Walmart: Final thoughts on a missing witness, and settlement

I've been talking this week about Indiana Electrical Workers Pension Trust Fund IBEW v. Wal-Mart Stores Inc., CA No. 7779-CS, Delaware Chancery Court (Wilmington). My prior posts are here and here.

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Tuesday
Jul152014

Walmart in Delaware: A tale of red flags ignored

At oral argument Thursday in the Delaware Supreme Court, where Walmart is appealing a lower court order to produce internal FCPA investigation files to shareholders, one remarkable exchange indicated that the idea of revising the Caremark standards, which I talked about in my prior post, was squarely on the minds of the justices.

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Friday
Jul112014

Showdown in Delaware: Walmart fights to keep its secrets

Walmart argued Thursday to the Delaware Supreme Court that shareholders aren't entitled to internal documents from an FCPA investigation that might show what executives and directors knew about alleged bribes paid to officials in Mexico.

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Monday
Jun302014

Walmart decision in Delaware could reset compliance roles 

The Delaware Supreme Court will hear oral arguments on July 10 for the Walmart case that I discussed in a recent post on the FCPA Blog. The issue is whether the Walmart board, or certain directors, knew about the alleged bribery and cover up from 2006 until 2012. The court will decide what files should be disclosed or if the case should be dismissed.  

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Tuesday
Jun102014

Walmart cuts quarterly FCPA-related spending by $20 million

Image courtesy of WalmartWalmart Stores Inc. said in its Form 10-Q filed with the SEC on June 6 that it cut FCPA investigations and compliance-related costs for the quarter ended April 30 by $20 million year-over-year.

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Tuesday
Jun102014

Memo to feds: Tell us about perps' compliance programs

A truly “egg-gregious” case settled last week with guilty pleas by the company and two top officers.

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Monday
Jun092014

Mike Scher's favorite resource: RAND Reports

In September 2012, I published a post about corruption by senior management which stated, somewhat cautiously, "The problem of 'overseas corruption' is not  'overseas.' It's in the corner office." 

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Wednesday
May212014

Walmart is now the world's living laboratory for compliance

Image courtesy of WalmartAfter two years of investigation, Walmart's audit committee has released the company's Global Compliance Program Report on Fiscal Year 2014.

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Tuesday
May202014

'New Walmart' says compliance chiefs should report directly to boards

Image courtesy of WalmartThe compliance profession has for years been beset by a debate with the outside world over the position of Chief Compliance and Ethics Officer (CECO). Should the CECO be part of the law department reporting to the general counsel? Or should the CECO be an independent, equal member of the C-Suite, reporting to the CEO with direct, regular access to the board? In my opinion and many others, this is the most consequential debate in the compliance field today.

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Tuesday
May132014

Walmart: It’s not the company, it's the compliance system

The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an  “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures. It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals.”

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Wednesday
May072014

Job: FCPA Senior Investigator (Walmart)

Job Title: FCPA Senior Investigator

Employer: Walmart

Location: Bentonville, Arkansas, USA

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Friday
May022014

Walmart's half-billion-dollar FCPA spend

Walmart Inc. said it has spent $439 million in legal fees and other costs associated with investigations of alleged FCPA violations and revamping its global compliance protocol.

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