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Investors reach $40 million settlement over Sears real estate deal

Sears Holding Corp's (SHLD.O) chairman and chief executive, Eddie Lampert, and the company's board agreed to a $40 million settlement of a shareholder lawsuit that alleged Lampert benefited from a deal to spin off 235 of the struggling chain's best stores.

The lawsuit was brought on behalf of Sears and against Lampert, other Sears directors and Seritage Growth Properties (SRG.N), the real estate investment trust established to acquire the stores.

Sears spokesman Chris Brathwaite said the lawsuit was settled to avoid protracted litigation. The settlement must be approved by Delaware's Court of Chancery. The defendants said in court papers the agreement was not admission that...