Sears shareholder payments to be reviewed by litigation investigator

TORONTO — Superior Court has appointed a litigation investigator to review $3 billion in payments made to Sears Canada shareholders, while the company’s pension fund had a nearly $300 million shortfall.

The court has ordered litigation investigator Lax O’Sullivan Lisus Gottlieb LLP to look into the claims and report to a committee of creditors with recommendations about litigation to be pursued.

Sears pensioners requested the investigator’s appointment in hopes of recouping some of the money they say has been missing since the company filed for bankruptcy last year.

The workers’ complaints partially target U.S. hedge fund ESL Investments and its CEO Eddie Lampert, who took control of Sears in 2005 and received some of the $3 billion.

In a blog post, Lampert has previously claimed that Sears had $500 million in cash available for use and no debt after the divided payments were made.

He said his company suffered significant losses from Sears’s bankruptcy.

He also blamed former workers for conflating numbers in Sears’ retirement plan with health, dental and life insurance that he claims has gone unfunded since 2008.

Just Posted

Scares and chills await at haunted house in Red Deer

Zed Haunted House helps raise money for Boys and Girls Club of Red Deer District

PHOTO: Renewable Energy Fair at Red Deer College

The Renewable Energy Fair and Workshops event was held at Red Deer… Continue reading

PHOTOS: Red Deer College Queens host third annual Pink in the Rink game

Queens raised $12,035 for the Central Alberta Cancer Centre.

PHOTOS: The Mustard Seed CEO speaks at Seeds of Hope Gala in Red Deer

The first-ever Seeds of Hope Gala was held at the Red Deer… Continue reading

Person airlifted to hospital after collision near Innisfail

One person was airlifted to hospital after a serious collision west of… Continue reading

WATCH: Make-A-Wish grants Star Wars loving teen’s wish

The Make-A-Wish Foundation granted Anakin Suerink’s wish in Red Deer Saturday afternoon

Turkey to reveal details of probe into Khashoggi’s killing

ISTANBUL — In a sign of growing pressure on Saudi Arabia, Turkey… Continue reading

Utah truck driver is jailed without bond after crash kills 6

HEBER, Utah — A man suspected of driving under the influence remained… Continue reading

A ragged, growing army of migrants resumes march toward US

TAPACHULA, Mexico — A ragged army of Honduran migrants streamed through southern… Continue reading

Postal workers to begin strikes in 4 Canadian cities Monday if deal not reached

OTTAWA — The union representing 50,000 Canada Post employees says it will… Continue reading

Migrant caravan swells to 5,000, resumes advance toward US

CIUDAD HIDALGO, Mexico — Despite Mexican efforts to stop them at the… Continue reading

“I don’t feel real”: Mental stress mounting after Michael

PANAMA CITY, Fla. — Amy Cross has a hard time explaining the… Continue reading

Toronto residents set to vote Monday on the next four years of civic leaders

Toronto’s municipal election campaign, marked by unprecedented provincial interference, ends Monday when… Continue reading

Former PQ minister Lise Payette remembered as role model for female politicians

MONTREAL — Members from across Quebec’s political spectrum gathered at a downtown… Continue reading

Most Read