Sears: Lampert Removed ‘Billions of Dollars of Assets'

The department store retailer demands a jury trial
Posted April 22, 2019

Sears Holding Corp. (Hoffman Estates, Ill.), as well as Sears Roebuck And Co., Kmart Corp., Sears Development Co., and several debtors, reportedly took former Chairman and CEO Eddie Lampert, along with other former board members, to court and demanded a jury trial on claims that the accused have been “pillaging the company for years,” according to Retail Dive.

The court documents were recently filed with the United States Bankruptcy Court Southern District of New York.

Sears is alleging that the defendants “transferred billions of dollars of the Company’s assets to its shareholders for grossly inadequate consideration or no consideration at all,” detailed in the filing obtained by Retail Dive.

ESL Investments (Eddie Lampert’s privately owned hedge fund) adamantly defended Eddie Lampert and others, calling the allegations “baseless” and “fanciful,” Retail Dive reports.