Wal-Mart May Soon Settle Bribery Allegations

Wal-Mart Stores may be close to a resolution of the Foreign Corrupt Practices Act investigation that has cost the retailer more than $870 million since 2012. Chief Financial Officer Brett Biggs said given a loss is probable, the retail giant recorded a charge of $283 million, or 9 cents per share, in the fiscal third quarter in anticipation of a settlement.

When asked by the media for more details, Biggs said aside from the $283 million accrual charge related to settlement discussions and a probable loss the retailer could say no more.

Mike Kohler, a law professor at Southern Illinois University, told Talk Business & Politics last year that Wal-Mart’s ongoing FCPA investigation was likely winding down and he anticipated a settlement this year. Thursday, Kohler said if the $283 million settlement holds, the company’s pre-enforcement action fees and expenses totaling $870 million over the past five years could be about three times the settlement which is fairly typical.    MORE

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