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First Brands Sues Ex-CEO for $700M Misappropriation

11/5/2025

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Summary

Story summary

First Brands, a U.S. auto parts company, has sued its former CEO Patrick James for allegedly misappropriating over $700 million, contributing to the company's bankruptcy.
The lawsuit claims James used forged documents to facilitate these transfers from 2018 to 2025.
First Brands filed for Chapter 11 bankruptcy in September 2023 after lenders found over $2 billion in discrepancies in its financial records.
James, who resigned last month, denies the allegations and plans to contest the lawsuit.
An independent committee has been established to investigate the company's financial practices.

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Story summary

First Brands, a U.S. auto parts company, has sued its former CEO Patrick James for allegedly misappropriating over $700 million, contributing to the company's bankruptcy.
The lawsuit claims James used forged documents to facilitate these transfers from 2018 to 2025.
First Brands filed for Chapter 11 bankruptcy in September 2023 after lenders found over $2 billion in discrepancies in its financial records.
James, who resigned last month, denies the allegations and plans to contest the lawsuit.
An independent committee has been established to investigate the company's financial practices.