Judge: Wal-Mart CEO must give deposition
A Fayetteville judge ordered Wal-Mart Stores Inc. Chief Executive Officer Doug McMillon to answer questions in a shareholders lawsuit accusing the retailer of defrauding investors by covering up a Mexican bribery scheme.
U.S. District Judge Susan Hickey denied Wal-Mart's motion Thursday seeking a protective order prohibiting the CEO's deposition in the class-action case.
Hickey wrote that "McMillon has unique knowledge of relevant issues in this litigation that only he can explain." McMillon -- CEO since February 2014 -- previously headed Wal-Mart's international business, and he participated in meetings, sent or received communications and signed certifications related to the alleged bribery.
The City of Pontiac General Employees' Retirement System sued Wal-Mart and former CEO Mike Duke, accusing the retailer of paying bribes to Mexican officials to obtain building permits. Investors say Wal-Mart knew about the bribes in 2005 but hid knowledge for nearly seven years until learning that a newspaper was investigating the matter.
Wal-Mart has investigated the allegations since 2011, which has since grown to include dealings in Brazil, China and India. The U.S. Securities and Exchange Commission and the U.S. Department of Justice also are looking into the allegation.
-- Robbie Neiswanger
In state, jobless rate lowest in northwest
Northwest Arkansas had the lowest unemployment rate in the state in March at 2.5 percent, which tied for seventh among 388 metropolitan areas in the country, the U.S. Bureau of Labor Statistics said.
The state unemployment rate was 3.6 percent in March, its lowest level ever. The national rate was 4.5 percent.
Other March unemployment rates in Arkansas compared with March 2015 were Jonesboro, 3.0 percent, down from 3.5 percent; Little Rock, 3.2 percent, down from 4.6 percent; Hot Springs, 3.8 percent, down from 4.3 percent; Fort Smith, 4.1 percent, down from 4.7 percent; Texarkana, 4.8 percent, up from 4.3 percent; and Pine Bluff, 4.9 percent, down from 5.4 percent.
-- David Smith
15 state stocks drop; index gives up 7.71
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, sank 7.71 to 326.61 Thursday.
Fifteen stocks declined and three advanced.
Windstream fell 5.5 percent in heavy trading.
Simmons First National Corp. dropped 3.3 percent in below-average trading.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/12/2017