Sears sues former CEO

Sears is suing its former CEO and primary shareholder, Eddie Lampert, for allegedly stealing company assets as the company was headed for bankruptcy.

According to a CNN report, Lampert was able to buy the operating assets of Sears in a bankruptcy court auction earlier this year, keeping a portion of the retailer alive as a new, separate company. The shell of the former company is now coming after Lampert seeking funds to partially repay creditors who were owed money by Sears at the time of its bankruptcy filing.

"As Sears was sliding into bankruptcy, Eddie Lampert ... in concert with and assisted by other defendants, transferred billions of dollars of the company's assets ... for grossly inadequate consideration or no consideration at all," according to the federal lawsuit, which was filed Thursday. "This complaint is brought to make Sears whole for these thefts of its assets."

To read the CNN article, click here.