Legislative, Regulatory & Legal

New York -- A Monday report by Reuters said that New York City's pension funds have filed a derivative lawsuit against Wal-Mart Stores Inc. based on reported allegations of bribery in Mexico and a possible cover-up by Wal-Mart officials.
 
The suit, filed in Delaware Chancery Court, alleges that Wal-Mart's officers and board of directors breached their fiduciary duty to both the company and shareholders by failing to properly handle claims of alleged bribery and apparently attempting to cover up details of the issue.

San Francisco -- A report by Reuters said that U.S. District Judge Charles Breyer on Friday said he was "seriously concerned" about whether the female plaintiffs suing Wal-Mart Stores have sufficient evidence to proceed with their re-filed gender discrimination lawsuit.

New York -- Toronto has become the first major city in Canada to ban the use of plastic shopping bags.

The ban was passed by the city council in a surprise move that Toronto Mayor Rob Ford denounced as “ludicrous,” The Globe and Mail reported.

The vote bans plastic bags, including biodegradable ones, from Toronto vendors starting in 2013. But the mayor predicted the ban will face a legal challenge.

Topeka, Kan. -- Collective Brands said Thursday that the U.S. Federal Trade Commission has granted early termination of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act in connection with Collective’s impending $2 billion acquisition by Wolverine World Wide, Blum Capital Partners and Golden Gate Capital.

As announced on May 1, investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International.

New York -- Kenneth Cole Productions said its board has approved founder Kenneth Cole's offer to buy up the remaining part of the company that he doesn't already own in a deal worth $245 million.

Cole, currently the chairman and CEO of Kenneth Cole, holds about 46% of its outstanding common stock and controls 89% of its voting power. He will pay $15.25 for each share of the company that he doesn't already own.

Washington, D.C. -- Federal regulations enacted last year potentially undermine a generation-old law guaranteeing women the right to obtain credit in their own names and need to be reconsidered, the National Retail Federation told a congressional committee on Wednesday.

Washington, D.C. – Law firm Seyfarth Shaw LLP has launched a blog about the Americans With Disabilities Act. The blog, called the ADA Title III News & Insights Blog (Adatitleiii.com), is designed as an accessibility law resource for any business that opens its doors to the public.

Washington, D.C. -- The National Retail Federation released Tuesday the Top 10 cities for organized retail crime activity.

Topping the list is Atlanta. The other nine are: