Taking back for unethical behavior

Sometimes justice triumphs–at least partly.

Wal-Mart Rescinds Exec’s Retirement Deal: “In April, Wal-Mart said it had frozen millions of dollars in benefits for Coughlin. According to the regulatory filing, Wal-Mart suspended Coughlin’s vesting of 186,407 shares of restricted stock, worth $9.77 million at the end of the company’s last fiscal year, and 302,503 stock options exercisable within 60 days pending further investigation into Coughlin’s actions.

“…interest credited to Coughlin’s own deferrals to the deferred compensation plan account is to be reduced by 50 percent. His supplemental executive retirement account will be recalculated as if no employer contributions were credited on or after Jan. 31, 1996, the filing said.

I guess it’s the gesture that counts.

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