Sears Roebuck Proposed to Settles Class Action Lawsuit for $215 Million
A class action lawsuit brought on behalf of purchasers of Sears, Roebuck securities during the period from October 24th 2001 through and including October 14th 2002 that had been pending in the United States District Court for the Northern District of Illinois and captioned In re Sears, Roebuck and Co Securities Litigation, No. 02 C 07527 has been reached to it’s settlement agreement by Sears, Roebuck and Co, a wholly owned subsidiary of Sears Holdings Corporation.
Under the settlement, Sears, Roebuck is required to make a payment of $215 million.
The company has made claims under relevant insurance policies, and expects that, after giving effect to anticipated insurance proceeds, the cash payment for settlement by Sears, Roebuck will be approximately $85 million on a pre-tax basis. Because Sears Holdings had established a reserve for the expected settlement by Sears, Roebuck, the settlement is not expected to have an effect on earnings. The settlement is subject to judicial approval.
Filed under Class Action, General Law, Settlements
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