It is not enough for a plaintiff in a derivative action to equate a bad outcome with bad faith.

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The suit is a typical derivative action, in which lawyers sue company directors on behalf of the corporation itself.

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In August 2009 it entered into a partial settlement in the federal derivative action that did not include Samueli, Ruehle and Nicholas.

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"By utilizing the derivative action, CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors, " CalSTRS Chief Executive Officer Jack Ehnes said in a statement.

CNN: STORY HIGHLIGHTS

Los Angeles (CNN) -- The California State Teachers' Retirement System has filed a derivative action lawsuit against current and former Wal-Mart executives and board members for the firm's alleged bribery in Mexico and a subsequent corporate coverup, the system said Friday.

CNN: STORY HIGHLIGHTS