Newspaper article The Canadian Press

Sears and Ex-Workers Deliberate on Appointing Trustee to Review Payments

Newspaper article The Canadian Press

Sears and Ex-Workers Deliberate on Appointing Trustee to Review Payments

Article excerpt

Sears, ex-workers debate trustee appointment

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TORONTO - Lawyers representing former Sears Canada workers and their ex-employer are trying to reach an agreement on whether a trustee should be appointed to review nearly $3 billion paid to shareholders even as the retailer business was in decline.

The ex-workers are upset the payments were made pension fund had a short-fall, which was about $266.8 million when Sears Canada sought court protection from creditors.

The opposing parties deliberated behind closed doors Thursday at Ontario Superior Court in Toronto.

The workers claim the bulk of the $3 billion was paid to Sears Canada's largest shareholder U.S. hedge fund ESL Investments and its CEO Eddie Lampert -- a claim disputed by ESL. …

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