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NEW YORK (Reuters) - Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) will pay former vice chairman Tom Coughlin $6.75 million to settle a dispute over his retirement package after the executive admitted to taking money from the company.
Wal-Mart said in a regulatory filing on Thursday it reached a settlement with Coughlin ahead of a trial set to begin this week on the retirement benefits.
In return, Coughlin will forego all outstanding rights and any unpaid benefits from the company, which it estimated at about $17 million, excluding health benefits, according to a filing with the U.S. Securities and Exchange Commission.
"We're satisfied that the settlement is fair to both parties and are ready to put this one behind us," Wal-Mart spokeswoman Daphne Moore said earlier on Thursday.
http://www.reuters.com/article/businessNew...me=businessNews
And he admitted wrongdoing of: wire fraud and tax evasion in 2006, admitting he stole thousands of dollars from the world's biggest retailer to upgrade his truck, pay for hunting rights and buy beer.
http://www.dailykos.com/story/2005/8/21/233736/765
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My comment: Obama better pick a running mate who isn't or whose spouse isn't in bed with the lobbyists.
