The CEO of Brooks Bros. Accused of Using Ch. 11 To Take Responsibility

0
By Rick Archer (July 13, 2022, 7:51 p.m. EDT) — Retailer Brooks Brothers’ litigation trustee has filed a lawsuit in Delaware against former CEO Claudio Del Vecchio, claiming he took the company to Chapter 11 to try to avoid millions of dollars in personal liability for an investment deal.

In a lawsuit filed Tuesday in the Delaware Chancery Court, William Reid IV accused Del Vecchio of ending years of using Brooks Brothers as “a personal asset and a flourishing vanity project” by putting the company in bankruptcy in order to avoid paying on a promise to personally guarantee a large investment.

“By the self-serving conduct summarized above, Del Vecchio violated his…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Share.

Comments are closed.