The lawsuit accuses Eddie Lampert of a “multiyear and multifaceted scheme” to siphon more than $2 billion of the company’s assets to himself, his hedge fund ESL Investments and other insiders. By Abha Bhattarai Abha Bhattarai Reporter covering the retail industry Email Bio Follow April 19 at 10:27 AM Sears Holding Corp.
Treasury Secretary Steven Mnuchin was named in a lawsuit that Sears Holding Co. filed against its former CEO and chairman Eddie Lampert. The ties between Sears and Lampert’s businesses — which also include Seritage Growth Properties, a real estate investment trust that in some cases has effectively become Sears’s landlord — have long raised concerns among shareholders.
Lampert stepped down as chairman of the Sears board in February after 14 years; he was also chief executive of the retailer from 2013 to 2018. “For all of the directors, there will be an assessment of independence and whether they exercised appropriate fiduciary duty in making their decisions,” said Jordan Thomas, a partner at Labaton Sucharow and former Justice Department trial lawyer."As a member of that board, Mnuchin -- just like everybody else on that board -- is in the hot seat.”
Go Sears!
good
Mnuchin and Lampert supported democrats.
Sears will be extinct in a year.
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