Wal-Mart Sues To Nix Coughlin’s Retirement Benefits

Bentonville, Ark., Wal-Mart’s feud against former vice chairman Tom Coughlin turned uglier this week when the retailer filed a suit seeking to void his multimillion-dollar retirement package.

Coughlin resigned from Wal-Mart this March amid allegation that he misspent up to $500,000 in Wal-Mart funds and gift cards. The suit itemizes many of the purchases Coughlin allegedly made with the funds, including airplane tickets, truck accessories and a karaoke machine.

Coughlin’s attorney refuted the allegations, stating that Coughlin’s use of corporate money was related to “union activity,” reports say.

Wal-Mart froze millions of dollars of Coughlin’s benefits in April. Last month, the retailer said it wanted Coughlin to forfeit the outstanding stock awards and incentive payments included in his retirement agreement.