SEARS SETTLEMENT APPROVED
SEARS SETTLEMENT APPROVED CHICAGO, Jan. 7 /PRNewswire/ -- Sears, Roebuck and Co. (NYSE: S)
said that Judge Sophia H. Hall of the Circuit Court of Cook County, Ill., today gave final approval of a settlement regarding shareholder litigation against Sears and its directors.
Judge Hall, who gave preliminary approval of the settlement Oct. 24, 1991, approved all terms of the agreement which require certain corporate governance measures but do not require payment of any damages. The court also ruled that plaintiffs' request for attorneys' fees and expenses would be considered at a hearing March 9. In the settlement documents, plaintiffs' attorneys state that, after investigating the facts, they "have concluded that there was no actionable misconduct by the individual defendants, and that the overwhelming evidence indicates that the steps taken by the board of directors were taken in the good faith belief that the best interests of Sears and its shareholders were being served." -0- 1/7/92 /CONTACT: Gerald E. Buldak, Sears national manager of external communications, 312-875-8371/ (S) CO: Sears, Roebuck and Co. ST: Illinois IN: REA SU: SB -- NY066 -- 7416 01/07/92 15:31 EST
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|Date:||Jan 7, 1992|
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