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Positec Group Limited v. Duncan
Case Number:
3:23-cv-00577
Court:
Nature of Suit:
Judge:
Firms
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December 11, 2023
Tool Co. Ends $45M Suit Over Loan And 'Phantom Stock'
A Chinese tool manufacturer withdrew its $45 million lawsuit in North Carolina federal court alleging the president of its U.S. operations never paid back a $1.6 million loan and demanding payment on a nonexistent "phantom stock plan" worth 15% of the company's value after he quit.
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September 15, 2023
Ex-Exec Must Repay Tool Co. For Home Loan, NC Suit Says
Chinese tool manufacturer Positec Group Ltd. is suing its former U.S. president over money he allegedly borrowed from the company to buy a house in North Carolina, saying he never repaid the loan and is now wrongly claiming he's owed over $45 million after quitting.