Wal-Mart Sues Former Exec to Void Payments

Wal-Mart Stores Inc. sued former Vice Chairman Tom Coughlin, seeking to void his multimillion-dollar retirement package amid company allegations that he misspent the company’s money before resigning from its board of directors.

The retailer had previously disclosed in a Securities and Exchange Commission filing that it was terminating Coughlin retroactively for “gross misconduct.” The lawsuit, filed in Bentonville, Ark., seeks to formally terminate the retirement pact.

Coughlin has denied wrongdoing.