Sears Accuses Former CEO Eddie Lampert Of $2 Billion In 'Thefts'

HOFFMAN ESTATES, IL — Sears Holding Corp. has sued former chairman and CEO Eddie Lampert, and his hedge fund, ESL, accusing them of draining $2 billion from the company as it was headed into bankruptcy.

“As Sears was sliding into bankruptcy, Eddie Lampert—its long-time controlling shareholder, Chairman, and Chief Executive Officer—in concert with and assisted by other Defendants, transferred billions of dollars of the Company’s assets to its shareholders for grossly inadequate consideration or no consideration at all,” Sears attorneys wrote in a federal lawsuit filed in federal bankruptcy court in New York.

Read more from CBS Chicago

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