The trustee for IndyMac Bank's former parent company is suing its ex-chairman and board of directors, claiming they recklessly mismanaged the company and contributed to its collapse last year.

The lawsuit claims the board and former chief executive and chairman Michael Perry wasted corporate assets, rebuffed investment offers that could have saved the bank and ignored numerous red flags about its financial problems.

Alfred Siegel, the trustee for IndyMac Bancorp Inc., described the board as "merely corporate 'window dressing,' " saying it "utterly failed" to properly oversee Perry's management of the bank.

A lawyer for Perry could not be reached for comment Monday.

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