Columbia Savings & Loan Association has filed a $6 billion civil lawsuit against Michael Milken and other former Drexel Burnham Lambert officials. Milken, the former head of Drexel's Beverly Hills, The suit was filed in U.S. District Court for the Southern District of New York on Friday by the trustee representing Drexel’s shareholders who are seeking to recover their money from the disgraced financier, according to court The suit alleges that the thrift lost more than $2 billion on investments in junk bonds and seeks three times that amount under federal racketeering and antitrust laws. It accuses Milken and others of manipulating the junk bond market, giving bribes, misappropriating valuable stock interests, and skimming profits.
Columbia Savings & Loan Association has filed a $6 billion civil lawsuit against Michael Milken and other former Drexel Burnham Lambert officials. The suit was filed in U.S. District Court for the Southern District of New York on Friday by the trustee representing Drexel’s shareholders who are seeking to recover their money from the disgraced financier, according to court The suit alleges that the thrift lost more than $2 billion on investments in junk bonds and seeks three times that amount under federal racketeering and antitrust laws. It accuses Milken and others of manipulating the junk bond market, giving bribes, misappropriating valuable stock interests, and skimming profits.