Sears To Appeal $73M Verdict Over Bond Buybacks

Law360, New York (February 5, 2007, 12:00 AM EST) -- Sears Holdings Corp. said Monday it would appeal a verdict from a Texas jury forcing the company to fork over $73.5 million to bondholders to atone for allegedly illegal bond redemptions.

The jury found on Feb. 2 that Sears Roebuck and Co., one of the company’s subsidiaries, should pay the funds to institutional bondholders who were hurt when Sears bought back debt before its maturity.

The jury agreed with bondholders that Sears left investors facing losses of tens of millions of dollars through bond redemptions that...
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