Attorney/Client » Shareholders Can Open The Books In A Wal-Mart Case

Shareholders Can Open The Books In A Wal-Mart Case

Closeup of young woman peeking over the edge of the opened book, looking to the side at blank copy space, over white background

August 14, 2014

The Delaware Supreme Court upheld a Chancery Court decision allowing a shareholder pension fund to inspect the books, in a case that hearkens back to allegations that officials at Wal-Mart’s Mexican subsidiary bribed authorities to smooth the way for construction of new stores. Attorneys from Sullivan & Cromwell look at Wal-Mart Stores, Inc. v. Indiana Electrical Workers Pension Trust Fund IBEW, its background and underlying facts, and its implications. “Although the Wal-Mart Court affirmed an order permitting inspection of a large number of documents,” they write, “it did so under a highly deferential review standard and made clear in doing so that it was not breaking new ground.”

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