A federal judge granted class-action status to Wal-Mart Stores Inc. shareholders who filed a lawsuit in 2012 alleging the retailer defrauded investors by covering up a bribery scheme in Mexico.

In a Fayetteville ruling earlier this week, U.S. District Court Judge Susan Hickey rejected Wal-Mart’s argument that the City of Pontiac General Employees’ Retirement System — a Michigan-based retirement fund — could not lead a class-action case because it had not suffered financial losses related to the retailer’s stock.

The judge’s decision means shareholders can move forward as a group instead of being forced to file individual claims against Wal-Mart.

“We have a lot of work to do and a very formidable foe, but this decision is a huge step toward getting some justice for thousands of people,” Jason Forge, an attorney with Robbins Geller Rudman & Dowd LLP, said in an email. The law firm is representing the shareholders.

The pension fund first sued Wal-Mart and former Chief Executive Officer Mike Duke shortly after The New York Times published a story in April 2012 alleging the retailer had paid bribes to Mexican officials to obtain building permits throughout the country. Investors allege Wal-Mart knew about the bribes in 2005, but hid its knowledge of the bribes for nearly seven years until it found out the newspaper was investigating the matter.

The lawsuit claims the company made false and misleading statements in U.S. Securities and Exchange Commission disclosures and failed to disclose material adverse facts. Wal-Mart’s stock fell nearly 10 percent over the three days after the publication of the Times story, according to court documents.

Wal-Mart argued the shareholders shouldn’t be granted class-action status based on an accounting method, which showed no money was lost. But Hickey wrote in her ruling that the retailer failed to adequately explain why it was a preferable method to the retirement fund’s claims of another accounting method, which showed losses.

Ultimately, Hickey granted class status and wrote that certification would “enhance judicial economy and efficiency” because members are seeking a determination on the same issues.

“The individual class members’ damages are relatively small, indicating little interest in individually controlling the prosecution of this action,” Hickey wrote. “Concentrating the claims in Defendants’ home forum with uniform decisions is desirable.”

Wal-Mart spokesman Randy Hargrove said Tuesday’s ruling was “procedural” and had nothing to do with the merits of the case. He added the company is considering its options, including an appeal.

“We continue to believe the claims here are not appropriate for certifying a class,” Hargrove said.

The classification follows a July decision by the 8th U.S. Circuit Court of Appeals to uphold a lower court ruling dismissing a shareholder lawsuit. The lawsuit claimed company executives and directors breached their duties by allowing the misconduct or failing to stop it.

A similar shareholder lawsuit also was dismissed by a Delaware judge in May.

Wal-Mart has battled lawsuits related to the bribery allegations over the past four years. Lawsuits related to Foreign Corrupt Practices Act investigations are “very, very common,” according to Southern Illinois University law professor Michael Koehler.

“I’m not going to say these types of civil claims are filed in connection with every instance of [Foreign Corrupt Practices Act] scrutiny, but a very high percentage of them do involve these sort of lawsuits,” said Koehler, who is an expert on the act.

Wal-Mart has been conducting an internal investigation into the bribery allegations in Mexico since 2011. The investigation has since grown to include dealings in “but not limited to Brazil, China and India,” according to SEC filings.

The SEC and the U.S. Department of Justice also are conducting inquiries into the alleged bribery.

Wal-Mart has reported expenses of $791 million since fiscal 2013 related to its investigation and global compliance improvements. The total annual expenses have declined since reaching a peak of $282 million in fiscal 2014, which Koehler previously said could be a sign the investigation is winding down.

“I still think it’s probably 50-50 this year compared to 2017,” Koehler said of the likelihood of the investigation ending this year. “The last three months of calendar years tend to be historically very active months for [Foreign Corrupt Practices Act] enforcement actions. … But we’ll know it when we know it.”