First Brands Sues Founder’s Brother, Largest Creditor for Fraud

Bankrupt auto-parts maker First Brands Group has sued Edward James — its former executive and the brother of company founder Patrick James — and its largest creditor Onset Financial for conspiring “to defraud creditors out of billions of dollars and property.”

According to a lawsuit filed Friday, Edward James “would work against the company as Onset’s secret partner” and together “they would rig scores of supposed ‘contracts’ between the debtors and Onset to enrich themselves at everyone else’s expense.”