Case Page

 

Case Status:    SETTLED
On or around 08/11/1998 (Date of order of final judgment)

Filing Date: April 16, 1997

According the Company’s FORM 10-Q For The Quarterly Period Ended July 4, 1998, on August 10, 1998, the Illinois court entered an order and final judgment approving the securities class action settlement. The entry of this final judgment satisfied the condition to the court approved settlement of the shareholder derivative actions.

As reported by an earlier SEC filing, specifically the Company’s FORM 10-Q For The Quarterly Period Ended April 4, 1998, on October 9, 1997, the Company reached an agreement in principle to settle several consolidated securities class action lawsuits against the Company and one of its officers in the United States District Court for the Northern District of Illinois. The amended consolidated complaint alleges violations of the Securities Exchange Act of 1934 for failure to disclose the bankruptcy collection practices described above in periodic filings with the Securities and Exchange Commission prior to April 10, 1997. The settlement agreement is subject to court approval at a hearing which has been set for August 6, 1998.

The original complaint charged Sears and certain of its directors and officers with violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 for, among other things, recklessly signing off on Sears' financial statements during the Class period when they knew that Sears' earnings were materially overstated because they included payments by Sears' bankrupt credit card customers who had signed debt reaffirmations which Sears had failed to file with bankruptcy courts throughout the United States in violation of federal bankruptcy law.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Department & Discount)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: S
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 97-CV-02567
JUDGE: Hon. George W. Lindberg
DATE FILED: 04/16/1997
CLASS PERIOD START: 04/16/1994
CLASS PERIOD END: 04/16/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  2. Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C.
    200 N LaSalle St Ste 2100, Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C., IL 60601
    312.346.3100 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 97-CV-02567
JUDGE: Hon. George W. Lindberg
DATE FILED: 06/23/1997
CLASS PERIOD START: 04/16/1994
CLASS PERIOD END: 04/16/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Alfred G. Yates, Jr. Law Firm
    429 Forbes Avenue, 519 Allegheny Building, Alfred G. Yates, Jr. Law Firm, PA 15219
    412.391.5164 ·
  2. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. Schiffrin & Craig, Ltd.
    Three Bala Plaza East Suite 400, Schiffrin & Craig, Ltd., PA 19004
    610.667.7706 610.667.7056 ·
No Document Title Filing Date
No Document Title Filing Date