Kmart Shareholder Class Action Booted

Law360, New York (July 22, 2009, 12:32 PM EDT) -- A federal judge has tossed a putative class action by Kmart Corp. shareholders for failing to back up allegations that top officers of the big box retailer — now part of Sears Holding Corp. — concealed the true value of the company’s real estate assets, suppressing the company’s stock price.

On Tuesday, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York dashed investors’ claims that Sears chairman Edward S. Lampert and former Kmart CEO Julian Day drastically undervalued Kmart’s...
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