Sears sued over debt


A group of more than 20 firms that hold bonds in Sears, Roebuck & Co, including JPMorgan Securities and the Prudential Insurance Company of America, have sued the retailer in a dispute over Sears’s redemption of several million dollars of debt at par value.

Prior to Sears’s announcement of its intention to redeem the bonds, their market value was tens of millions of dollars greater than their par value of around $220 million. Issued in the early 1990s, the bonds also had coupons of between

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