4/19, 1:15 AM (Source: TeleTrader)
more TeleTrader news

Sears sues ex chairman Lampert

Sears Holdings Corp. filed a lawsuit against its former chairman Eddie Lampert for allegedly robbing the company of $2 billion in assets, media reported.

Sears, which filed for bankruptcy last year after years of losses, also sued Lampert's hedge fund ESL Investments, the fund's board and US Secretary of the Treasury Steven Mnuchin who was previously ESL director for illegally siphoning assets from the retailer before it went bankrupt and benefiting from deals made under Lampert's watch.

"Altogether, Lampert caused more than $2 billion of assets to be transferred to himself and Sears’ other shareholders and beyond the reach of Sears’ creditors," the lawsuit said.

Breaking the News / KP