Former officers of Lomas Financial Corp. are being sued for mismanagement and breaches of fiduciary duty.
The suit, which seeks $300 million in damages, was filed by Martin R. Pollner, litigation trustee of Lomas.
Mr. Pollner was appointed litigation trustee this year by a bankruptcy judge in Delaware as part of Lomas' reorganization effort.
Lomas, once the king of the mortgage industry, filed for bankruptcy in 1989 and did so again in 1995. It emerged from bankruptcy late last year and is now liquidating its assets.
Mr. Pollner named former Lomas chief executive officer Jess T. Hay and five other senior executives as defendants.
The suit alleges that their mismanagement and breaches of fiduciary duty led to the company's demise. It alleges corporate waste such as "bloated staffs, palatial offices ... and other amenities at the expense of creditors and shareholders."