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Kmart Shareholders Fight Sears' Dismissal Bid

Law360 (October 5, 2007, 12:00 AM EDT) -- Plaintiffs in a securities class action against Sears Holding Corp. are fending off the company's attempts to dismiss the suit, claiming that top officers of Sears unit Kmart Corp. made false statements to conceal the true value of the company's real estate.

The former Kmart shareholders filed a memorandum on Thursday in a New York federal court opposing Sears' motion to dismiss the case. The case accuses Sears Chairman Edward S. Lampert and former Kmart CEO Julian Day of concealing Kmart's true real estate interests, which...
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