financetom
Business
financetom
/
Business
/
First Brands accuses former CEO Patrick James of multibillion-dollar fraud
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
First Brands accuses former CEO Patrick James of multibillion-dollar fraud
Nov 3, 2025 10:21 PM

(Reuters) -Bankrupt U.S. auto parts maker First Brands on Monday accused its former chief executive Patrick James of orchestrating a multibillion-dollar fraud that left the company insolvent and nearly drained of cash.

James enriched himself and his family by "misappropriating hundreds of millions (if not billions) of dollars from First Brands," the company said in a lawsuit filed in the U.S. Bankruptcy Court for the Southern District of Texas.

A representative for James did not immediately respond to a Reuters request for comment

(Devika Nair in Bengaluru; Editing by Kim Coghill)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Chatter: Sony Looking to Introduce PlayStation 5 Pro by Year-End
Market Chatter: Sony Looking to Introduce PlayStation 5 Pro by Year-End
Apr 15, 2024
01:20 PM EDT, 04/15/2024 (MT Newswires) -- Sony ( SONY ) is preparing to introduce a PlayStation 5 Pro console by the end of 2024, The Verge reported Monday, citing sources familiar with the matter. The company has asked developers to ensure their games are compatible with the upcoming console, dubbed Trinity, which is set to include a more powerful...
Market Chatter: American Airlines Pilots' Union Cautions Safety
Market Chatter: American Airlines Pilots' Union Cautions Safety
Apr 15, 2024
01:19 PM EDT, 04/15/2024 (MT Newswires) -- American Airlines Group ( AAL ) pilots' union, Allied Pilots Association, has warned members of rising safety and maintenance problems at the carrier, Bloomberg reported Monday, citing a memo by the union to its members. The union, which represents15,000 pilots, flagged issues like tools left in plane wheel wells and an increased number...
Market Chatter: Eni Looking to Sell Stakes in Biofuel, Bioplastic Units by End of 2024
Market Chatter: Eni Looking to Sell Stakes in Biofuel, Bioplastic Units by End of 2024
Apr 15, 2024
01:16 PM EDT, 04/15/2024 (MT Newswires) -- Eni (E) is looking to sell stakes of up to 10% in its biofuel unit Enilive and up to 30% in bioplastic business Novamont by the end of 2024, Reuters reported Monday, citing unnamed sources. The Italian energy group started initial talks with funds and industrial investors for the Enilive stake and is...
Why U.S. Gold Shares Are Trading Lower
Why U.S. Gold Shares Are Trading Lower
Apr 15, 2024
U.S. Gold Corp ( USAU ) shares are trading lower by 10.7% to $3.96 Monday afternoon after the company announced a $4.9 million registered direct offering. The securities purchase agreement is bring conducted with investors for the sale of 1.4 million shares of common stock at $3.50 per share, totaling approximately $4.9 million. Additionally, the agreement includes unregistered warrants to...
Copyright 2023-2025 - www.financetom.com All Rights Reserved