Sears To Pay $215M To Settle Class Action

Law360, New York (May 18, 2006, 12:00 AM EDT) -- Retail giant Sears Roebuck & Co. has agreed to pay $215 million to settle a long-running shareholder class action lawsuit that accused the company of concealing poor profitability at its former credit card unit.

The retail unit of Sears Holding Corp. was sued in October 2002 in the U.S. District Court for the Northern District of Illinois and targeted statements made by executives before the credit card business was sold in November 2003.

Insurance money will cover most of the settlement, according to Sears Holding, while...
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