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financial

Hampshire Accuses Former Execs

Hampshire Group Ltd. said Monday that it filed a complaint against three former top executives for alleged misuse of corporate assets.

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Hampshire Group Ltd. said Monday that it filed a complaint against three former top executives for alleged misuse of corporate assets.

The former officials of the knit resource were Ludwig Kuttner, who was chief executive officer; Charles Clayton, executive vice president, treasurer and chief financial officer, and Roger Clark, vice president of finance and chief accounting officer.

After an internal investigation, Hampshire said the defendants worked together to allegedly misuse corporate assets for personal use and dodge taxes owed to the government. Hampshire did not cite specifics in a company statement. The lawsuit was filed in a Delaware Chancery court for the County of New Castle.

Kuttner was unavailable for comment. Clayton and Clark could not be reached.

Kuttner founded Hampshire Group about 30 years ago and produced brands such as Designer Originals for department stores. He left the company in 2006 after Hampshire suspended his employment. A Securities and Exchange Commission filing said he had made about $1.5 million in fraudulent charges to the firm. Kuttner then sued the company.
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