By  on July 24, 2009

A judge in U.S. District Court in Manhattan has dismissed a securities lawsuit that accused Sears Holdings Corp. chairman Edward Lampert and Julian Day, the former chief executive officer of Kmart, of undervaluing Kmart’s real estate assets when it emerged from bankruptcy.

The complaint, filed by investors in 2006, alleged Day and Lampert misled shareholders about the value of the firm’s real estate holdings in Securities and Exchange Commission filings. Kmart merged with Sears Roebuck & Co. in 2005 to become Sears Holdings Corp., of which Lampert is chairman and, through his ESL Investments hedge fund, majority shareholder.

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