Business News.
New York City is seeking a probe of Wal-Mart Stores Inc. over the retailer’s reported surveillance of shareholders who submitted proxy petitions that could potentially disrupt the company’s annual meeting.
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New York City Comptroller William C. Thompson Jr. sent letters to the U.S. Attorney General’s office and the Securities and Exchange Commission, asking for an investigation into the world’s largest retailer for what he called “ill-considered and possibly illegal surveillance operations.”
“As New York City’s Chief Financial Officer and the Chief Investment Advisor to the City’s Pension Funds, I am particularly troubled by reports that Wal-Mart engaged in chilling and truly outrageous surveillance activities,” Thompson wrote. Copies of the letters were posted on the comptroller’s Web site.
Wal-Mart could not immediately comment on the story. The SEC declined to comment. [Reuters]