Keller Rohrback L.L.P. Investigates Sears and Kmart Employee Retirement Plan
April 10, 2017 06:00 AM Eastern Daylight Time
SEATTLE--(BUSINESS WIRE)--Attorney Advertising. Keller Rohrback L.L.P. is investigating possible significant losses resulting from Sears Holding Corp. 401(k) Savings Plan investments in the common stock of Sears Holding Corp. (SHLD), the parent company of Kmart and Sears, Roebuck & Co (“Sears”). Sears warned on March 21, 2017 that it may not continue as a going concern after years of losses and declining sales. Since 2013, the struggling retailer has accumulated $7.4 billion in losses and has seen its revenue fall 44%. Sears stock lost 47% of its value in the last year, 90% in the past five years, and 95% in the last ten years.
Our investigation focuses on whether Sears and related Plan fiduciaries breached their duties in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”) by maintaining the Sears company stock fund in the Plan, while the stock price plummeted and the company’s condition deteriorated. These breaches may have resulted in multi-million dollar losses of the Plan participants’ retirement earnings.
If you would like more information regarding our investigation, please contact attorney Tanya Korkhov via email at ERISAClaim@KellerRohrback.com or at 800.776.6044.