'Excess' Atty Fees Chopped In $40M Sears REIT Settlement

By Jeff Montgomery (May 9, 2017, 7:57 PM EDT) -- Saying real benefits were only a fraction of the amount claimed by plaintiffs attorneys, a Delaware vice chancellor chopped $2 million from a $6 million fees request Tuesday in a $40 million shareholder settlement over a disputed Sears Holding Corp. property deal.

Vice Chancellor J. Travis Laster called even the reduced figure "arguably excess" and described the case as an example of negative value litigation. The claimed harms, he said, involved a transaction that shifted 266 Sears properties valued at $2.7 billion from the company to an alternative investment, although 97.3 percent of Sears investors involved retained their interest through a...

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