Legislative, Regulatory & Legal

Expenses related to Walmart’s ongoing Foreign Corrupt Practices Act and related compliance matters will reach $200 million by the end of the first quarter, according to disclosures made Thursday in conjunction with the release of fourth quarter financial results.

In addition to the $99 million Walmart had spent on FCPA and compliance matters at the end of the third quarter, it spent another $58 million during the fourth quarter and said the first quarter could see expenses ranging from $40 million to $45 million.

Washington, D.C. -- Nearly three-quarters (73.3%) of consumers say their spending plans are taking a hit due to the recent payroll tax changes, according to NRF’s 2013 Tax Returns Survey conducted by BIGinsight.
 
When asked how the new federal tax laws have affected spending, saving or budgeting of their households, nearly six in 10 (58.2%) of those polled say their plans have been either somewhat or greatly impacted. Specifically, nearly half (45.7%) say they will spend less overall, and 35.6% will watch for sales more often.
 

Nashville -- A federal judge in Nashville said Wednesday that Wal-Mart Stores’ female employees in Tennessee and four other southern states cannot pursue sex-discrimination claims against Wal-Mart through a class action lawsuit. The class action is denied because it was filed too late.

According to U.S. District Judge Aleta Trauger, the class claims are “time-barred,” citing a 1988 decision by the federal appeals court in Cincinnati in a separate case, known as Andrews v. Orr, which blocks the women from joining a new class action.

New York -- OfficeMax Inc. and Office Depot have formally announced an agreement under which the two companies would combine in an all-stock merger that would transform the office supply sector of retail. The merger, which creates a single company with nearly $18 billion in revenue, was unanimously approved by the board of directors of both chains.

New York -- Office Depot and OfficeMax are in talks to merge, according to reports by the Wall Street Journal and Bloomberg.

The retailers are discussing as potential stock swap that would result in a single company with nearly $18 billion in revenue, reports said. The combined company would be better positioned to take on Staples, Walmart and other competitors.

The apparent advantage online retailers have over their brick-and-mortar counterparts may soon be gone now that new legislation seeking to enforce the collection of sales tax for all retailers has been introduced.

By Ben Carrasco, litigation associate, Smith, Robertson, Elliott & Douglas, LLP, Austin, Texas,
[email protected]

ARLINGTON, Va. — The Consumer Electronics Association has issued praise for the U.S. Congress for introducing legislation to establish sales tax fairness.