Walmart agreed to pay $160 million to settle a securities class-action lawsuit filed by the $502 million Pontiac (Mich.) General Employees' Retirement System, confirmed Walmart spokesman Randy Hargrove in an email.

In the class-action suit originally filed in U.S. District Court in Fayetteville, Ark., in 2012, the pension fund alleged that Walmart "made false and misleading statements in Securities and Exchange Commission filings about allegations of bribery" at Walmart's Mexico-based subsidiary, Walmart de Mexico. Published reports in 2012 alleged that Walmart paid bribes to win government zoning changes and permits to open more stores in Mexico.

The settlement would pay for claims alleging violations of the Securities Exchange Act of 1934, as well as covering the legal fees and expenses the plaintiffs incurred from the lawsuit. The pension fund represents shareholders who acquired Walmart stock between Dec. 8, 2011, and April 20, 2012.

"The settlement ends a long, hard-fought litigation," said Jason Forge, a partner at law firm Robbins Geller Rudman & Dowd, which represented the pension fund, in a news release announcing the proposed settlement. "It provides significant benefits to the class within months, whereas continuing to litigate would have likely meant years of the class waiting on a very uncertain recovery."

Karen Roberts, executive vice president and general counsel for Walmart, added in the news release: "We are pleased both sides could reach a resolution that ends this litigation. Years ago, we began making investments that have established a leading, comprehensive, worldwide ethics and compliance program for our business."

The proposed settlement "does not include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing" by Walmart or any defendant, said an 8-K Walmart filed with the SEC on Friday.

The proposed settlement still needs U.S. District Judge Susan O. Hickey's approval.

Deborah Munson, the pension fund's executive director, and Mr. Forge could not be immediately reached for additional information.