Steven Mnuchin

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

Sears store
Photo: Scott Varley/Digital First Media/Torrance Daily Breeze/Getty Images

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.

Mnuchin: U.S. and China should face repercussions in trade deal

Secretary of the Treasury Steve Mnuchin
Photo: Zach Gibson/Getty Images

Secretary of the Treasury Steven Mnuchin says the U.S. government is willing to accept penalties if they don't fulfill their commitments to the U.S.-China trade deal, reports Bloomberg.

Details: At an International Monetary Fund meeting in Washington, D.C., Mnuchin said both countries have commitments they are working to honor, and both should face consequences if they don't uphold their respective ends of the bargain, per Bloomberg. The U.S. and China are currently in talks about the possibility of holding more in-person meetings and Mnuchin has said progress is being made to put an end to the 9-month trade and tariff war.

Go deeper: A real U.S.-China trade deal is a long way away