Sears Sues Toolmaker Over Counterfeits
A company contracted to produce certain Craftsman tools allegedly defrauded Sears Roebuck & Co. out of millions of dollars by making counterfeits, Sears has claimed in a lawsuit.
The civil lawsuit, filed in federal court, alleges that Emerson Electric Co. concocted an elaborate scheme to use Sears’ manufacturing machines to make bench power tools for one of Sears’ competitors. Emerson denied Sears’ allegations.
On the NYSE, Sears shares gained $2.57, or 6.1%, to close at $44.62, while Emerson climbed $1.33, or 2.9%, to $47.73.
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