Paying The Price
Walmart wanted to settle the international issues they were facing without as little coverage as possible. In addition, they didn’t want to enter a legal battle or have their name dragged through the mud. At first, the government demanded $600 million, but they settled on $300 million in the end. That is definitely a lot of money. Do you think it could potentially harm the business?
Paying The Price
Walmart (WMT) agreed to pay more than $144 million to settle SEC charges and another $138 million to settle criminal charges brought by the DOJ. In accordance with the agreement, Walmart’s (WMT) Brazilian subsidiary also pled guilty.
Changing Sides
After paying up a great sum of money for the lawsuit, the company tried a change of heart. Following Walmart’s international ordeal with bribery and corruption, Walmart decided to become active in fighting corruption. In fact, Walmart claimed that they would team up with the US government by setting up a task force that would deal with countries where corruption is considered normal.
Changing Sides
The upgraded anti-corruption compliance measures include rigorous rules and procedures, internal controls, training, increased auditing procedures, and issue escalation and remediation protocols that are meant to meet or surpass federal law enforcement agencies’ existing expectations.