September 14, 2020
On September 7, 2020, on the eve of the trial in the Sears Canada dividend litigation that was to commence the next day, the plaintiffs reached a settlement in principle with Edward Lampert, ESL Investments Inc., and the other remaining defendants. The Hon. Justice Barbara A. Conway of the Ontario Superior Court of Justice adjourned the trial to allow the parties to finalize the settlement agreement and to schedule a hearing for the Court to approve the settlement. The motion for approval of the settlement will be brought before the Court later this month. As reported, the litigation settlement with the former directors was previously approved by the court on August 25, 2020.