PAYMENT TO SEARS CANADA SHAREHOLDERS COULD BE SUBJECT OF COURT CASE

Nov 08, 2018

By Christine Ross

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No doubt CARP will be watching this one play out. The Zoomer advocacy group has been working on behalf of Sears pensioners. $509 million  paid to Sears Canada shareholders 5 years ago could be subject of court case. Next week, a court appointed insolvency monitor will ask Ontario Superior Court to start proceedings against billionaire American Eddie Lampert and his US hedge fund over payments made in 2013. At the time, Lampert was a major shareholder in the company and it’s believed Sears directors knew the company was seeing big losses at the time. Sears Canada didn’t file for bankruptcy protection until June 2017 and closed its final stores last January putting 17,000 mostly older employees out of work with no severance.

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