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June 14, 2013

Court rules suit’s only goal was fees for plaintiffs’ lawyers

The 7th Circuit Court of Appeals called a derivative shareholder lawsuit against Sears “an abuse of the legal system” with the “only goal … to be fees for the plaintiffs’ lawyers,” Reuters reports.  Ted Frank, head of the Center for Class Action Fairness as well as a Sears stockholder, challenged the proposed settlement, arguing it would offer no real value for shareholders while paying $925,000 to lawyers.

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