Kmart Corporation

The former Kmart Corporation was sued in March 2002 claiming that former company executives allegedly acted improperly when employees and retirees invested their pension money in now-worthless Kmart stock. Approximately 125-thousand employees and retirees of Kmart will share in an $11.75 million settlement. The Troy-based Kmart emerged from bankruptcy in 2003 as Kmart Holding Corporation and in March 2005, it combined with Sears, Roebuck and Company to form Sears Holdings Corporation. (Jun-29-06) [WQAD NEWS]

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