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Sears sues former CEO

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Sears Holdings, the company that formerly owned Sears and Kmart, sued Eddie Lampert.

Lampert, the former CEO of Sears who bought the company out of bankruptcy via Transform Holdco, is accused of directing assets to benefit himself when he was previously running the business as its chief executive.

While Sears Holdings no longer owns the 400 stores still in operation, it's still dealing with creditors.

The suit also names Treasury Secretary Steven Mnuchin, who previously was an investor and board member of Lampert's ESL Investments.

Sears Holdings alleges Lampert's actions "were unmistakably intended to hinder, delay and defraud creditors and/or occurred when the company was insolvent and had insufficient capital to continue its operations and to repay its billions of dollars in debt."

Read more from USA Today.


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