Bondholders win $73m payout in Sears lawsuit
A group of bondholders in Sears, Roebuck and Co have won an action against the American retailer following their challenge to the company's redemption of their investment at par value.
The verdict, reached by a jury in a US state district court on February 2, requires Sears to pay bondholders $73.5 million in damages.
The case stems from Sears' decision to repay at par $220 million of debt, issued in the early 1990s, after the retailer took advantage of a call option allowing it to buy back the
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