Sears GC Defends Company’s Shake-Up

This April, Sears Holdings Corporation announced it would raise more than $2.5 billion by selling off 254 stores — to a real estate investment trust where CEO Eddie Lampert is a prominent shareholder.

Not all shareholders were happy, and in June, shareholder Shiva Stein filed a derivative suit accusing Lampert — a billionaire hedge fund manager who owns 49 percent of the company’s stock and has been its CEO since 2013 — of breaching his fiduciary duty. The suit alleged Lampert was hurting other shareholders by selling Sears’ most valuable asset, its real estate, to himself while the iconic U.S. retail giant is headed for a future as ...