Sears Wants Kmart Real Estate Fraud Case Tossed

Law360, New York (August 6, 2007, 12:00 AM EDT) -- Sears Holding Corp. is asking a judge to dismiss a securities class action alleging that top officers of Kmart Corp., now a part of Sears, knew but did not disclose the true value of its real estate—a move that concealed the value of the company.

In a motion filed Friday in the U.S. District Court for the Southern District of New York, Sears argued that the plaintiffs have rested their valuation figures for the real estate on methods of their own invention and not well-pled facts....
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