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Bankruptcy Court Investigates Fraud Claims Against First Brands

1/10/2026

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Summary

Story summary

A U.S. bankruptcy court appointed Martin De Luca to investigate fraud claims against First Brands Group.
Judge Christopher Lopez approved a $7 million budget and warned cash could run out by January.
First Brands filed bankruptcy in September and alleges former CEO Patrick James looted the company.
The company seeks financing and may speed asset sales, while liabilities exceed $10 billion and assets range from $1 billion to $10 billion.

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Story summary

A U.S. bankruptcy court appointed Martin De Luca to investigate fraud claims against First Brands Group.
Judge Christopher Lopez approved a $7 million budget and warned cash could run out by January.
First Brands filed bankruptcy in September and alleges former CEO Patrick James looted the company.
The company seeks financing and may speed asset sales, while liabilities exceed $10 billion and assets range from $1 billion to $10 billion.