Sears Hometown Investors Say Lampert Engineered Bad Deal

Law360 (October 10, 2019, 4:20 PM EDT) -- Sears Hometown and Outlet Stores investors have filed a proposed class action in Delaware Chancery Court accusing controlling shareholder and former Sears CEO Edward S. Lampert of a yearslong effort to strip value from the retailer to buy out its remaining shares at an unfairly low price.

In a complaint made public late Wednesday, investors Wayne Grant and Keith Edquist assert breach of fiduciary duty and unjust enrichment claims against the billionaire former Sears CEO, his hedge fund ESL Investments Inc., and companies he set up to buy most of Sears Holdings Corp.'s assets out of bankruptcy for $5.2 billion earlier...

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