Long-running litigation in Delaware Chancery Court over the the take-private restructuring of Sears Hometown and Outlet Stores Inc. may be at an end with a settlement awaiting a judge’s approval.
Here’s a look at what’s happening in the business court and the Delaware Supreme Court:
Monday: VK Inv., Inc. v. Kinderhook Indus. LLC, Del. Ch., No. 2024-1266, hearing 12/1/25.
At issue: Kinderhook Industries LLC seeks to knock out an amended complaint brought by the founder of BlueDriver, an auto tech business it acquired, alleging the investment firm tolerated gross mismanagement, turned a blind eye to rampant self-dealing, and shelved plans for a sale that would’ve revealed a scheme to hype the value of its portfolio.
Court action: Hearing in Wilmington, Del.
Ferrari Heist Escalates Private Equity Feud Over Valuation Case
Monday: In re Sears Hometown & Outlet Stores, Inc. S’holder Litig., Del. Ch., No. 2019-0798, settlement hearing 12/1/25.
At issue: A $9.37 million settlement has been proposed to resolve a lawsuit against billionaire Eddie Lampert and his affiliates. The settlement, combined with a previous $3.1 million partial settlement, will replace a previous damages award if approved by Vice Chancellor J. Travis Laster. The lawyers for the shareholders leading the case are asking for about $2.92 million in fees for their work, including a trial.
Court action: Settlement hearing in Wilmington, Del.
Billionaire Eddie Lampert Denied Appeal Over Additional Damages
Wednesday: ITG Brands LLC v. Reynolds American, Inc., Del., No. 204,2025, oral arguments 12/3/25.
At issue: ITG Brands LLC appealed a Chancery Court order to reimburse Reynolds American Inc. over $251 million for payments Reynolds made to the state of Florida as part of a settlement agreement that pre-dated ITG’s acquisition of the Winston, Salem, Kool, and Maverick tobacco product lines. “The trial court fundamentally rewrote” the asset purchase agreement “by declaring that ITG unambiguously assumed liability” under the Florida settlement agreement, ITG says.
Court action: The Delaware Supreme Court hears oral arguments in Dover, Del.
ITG Brands to Pay Reynolds $251 Million for Settlement Payments
Friday: Unknown Worlds Ent., Inc. v. Cleveland, Del. Ch., No. 2025-0915, hearing 12/5/25.
At issue: Vice Chancellor Lori W. Will presided over a trial last month concerning claims that a Korean video game studio linked to Chinese tech giant Tencent sabotaged the 2025 release of the blockbuster Subnautica franchise’s next installment. Now before Will are cross-motions for summary judgment in a separate counter-lawsuit that alleges the game’s developers abandoned their technical jobs and their duties as board members while scheming to secure up to $250 million in earnout payments.
Court action: Hearing in Wilmington, Del.
Subnautica Developers Abandoned Sequel, Krafton Says in Lawsuit
—With assistance from Bloomberg Law automation.
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