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MarketWatch MarketPulseApr 18, 2019
Sears sues former CEO Eddie Lampert for asset stripping, names Treasury Secretary Mnuchin in lawsuit: reports
Sears Holdings Corp. has sued its former chief executive Eddie Lampert, his hedge fund ESL Investment Inc. and other ESL and Sears directors for stripping the department store icon of its assets, according to The Wall Street Journal. The lawsuit alleges "bad-faith financial projections" even as Sears racked up more than $7 billion in losses between 2011 and 2014. It also accuses Lampert and other of trying take the most profitable Sears stores to spin off into Seritage Growth Properties. Other defendants include Treasury Secretary Steven Mnuchin, who is a former investor and executive at ESL. Sears filed for bankruptcy in October 2018. Sears stock has gained nearly 173% in 2019, trading at about 74 cents, but it has lost nearly 77% over the last year. The S&P 500 index is up almost 16% for the year to date.

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