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Positec Group Limited v. Duncan
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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.
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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.