Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation (Nasdaq: SHLD), has announced the preliminary settlement of the securities class action pending against the company in the N.D. of Illinois. The case was originally filed in 2002 and alleges that Sears made misrepresentations concerning its credit card business. The settlement is for $215 million. The company is paying $85 million and expects the rest of the funds to come from insurance proceeds.
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