51807
49017
S&P/TSX
15439.44
-13.20
(-0.09%)
S&P-CDNX
832.82
+2.65
(0.32%)
S&P-500
2716.26
-15.96
(-0.58%)
NASDAQ
7234.31
-5.16
(-0.07%)
Dow
24964.75
-254.63
(-1.01%)
Dollar
0.7907
-0.00496
(-0.623%)
Oil
61.62
+0.07
(+0.11%)
Gold
1332.00
-24.20
(-1.78%)
Silver
16.415
-0.297
(-1.78%)


Creditors to sue Sears execs

A group of Sears Canada creditors wants to sue the company's executive officers and directors, alleging negligent misrepresentation and oppression.

The retailer's court-appointed monitor says the group wants an Ontario judge's permission to launch their case against the company, which is currently protected under the Companies' Creditors Arrangement Act.

In a report prepared ahead of a Friday court hearing in Toronto, the monitor said it has advised the creditor group that it believes such motions should be delayed.

However, it said the creditor group will ask the court to schedule a time to hear their claim.

The court overseeing Sears Canada was also expected to hear a motion to approve the creation of a hardship fund for former employees that will come from a pool of money set aside to pay bonuses for key employees.

The monitor said it supports approval of the fund.



More Business News

Recent Trending
49986
Okanagan Oldies
49702
Castanet Proud Member of RTNDA Canada
Press Room