Sears sues ex-CEO, Steven Mnuchin and others, claiming asset-stripping drove bankruptcy

Sears store
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Sears Holdings Corp. is suing its former chairman and CEO Eddie Lampert and a handful of former board members, including U.S. Secretary of the Treasury Steven Mnuchin, for allegedly stripping the company of $2 billion in assets, reports CNBC.

Details: Sears is also filing suit with Lampert's hedge fund ESL Investments, where Mnuchin was previously a director. The suit alleges Lampert and members of the fund's board instructed executives at the retailer to manufacture false financial projections that would imply a company turnaround, despite no plan for profitability and the company's accumulation of more than $7 billion in debt, per the Wall Street Journal.

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