December 11, 2023
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.
September 15, 2023
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.