The U.S. Department of Justice and the Securities and Exchange Commission are looking into allegations Wal-Mart systematically bribed Mexican officials so it could more quickly open stores.

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Several retailers including Wal-Mart, Target and Best Buy recently came together to form Merchant Customer Exchange, a company that is focused on developing a mobile commerce application which will help users pay for goods at the retailers with their smartphones.

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He added that Wal-Mart has already met with the U.S. Department of Justice and the Securities and Exchange Commission, and that it disclosed the investigation to shareholders in a regulatory filing in December.

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