Jefferies Financial Group (NYSE:JEF) was upgraded to Outperform at Oppenheimer, with the price target set at $81.00. Shares were +5.51% Friday pre-market to $51.49. JEF stock has been falling since it revealed its exposure to bankrupt auto-parts maker First Brands ...

A worker disassembles a car at an auto shop in Wareham, Massachusetts. The federal watchdog for corporate bankruptcies joined a creditor’s demand for an independent investigation of the troubled auto-parts supplier First Brands Group, which has admitted it can’t find $2.3 billion related to off-balance sheet financing deals. Most Read from Bloomberg The US Trustee argued in court filings that “serious allegations of fraud, dishonesty, incompetence, misconduct, or mismanagement,” justifies a quicker-than- ...

Jefferies Financial said its own exposure to First Brands is limited to roughly $45 million. - Jeenah Moon/Bloomberg News Patrick James, the chief executive of bankrupt auto-parts supplier First Brands, has resigned his position after accounting irregularities came to light. James led the company through a rapid expansion in recent years and used debt to accumulate 25 automotive-parts suppliers. First Brands collapsed into bankruptcy in late September with $10 billion in debt. New directors have said the ...