the statement said. Columbia Savings & Loan Association has filed a $ 6 million civil lawsuit against Michael Milken and other former Drexel Burnham Lambert officials . Milken , formerly head of Drexel 's junk bond operations , was sentenced last month to 10 years in prison for six felonies related to illegal trading practices , none involving junk bonds . 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 him and others of manipulating the junk bond market , accepting bribes , misappropriating valuable stock interests , and skimming profits .
Columbia Savings & Loan Association has filed a $ 6 million civil lawsuit against Michael Milken and other former Drexel Burnham Lambert officials . Milken , formerly head of Drexel 's junk bond operations , was sentenced last month to 10 years in prison for six felonies related to illegal trading practices , none involving junk bonds . 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 him and others of manipulating the junk bond market , accepting bribes , misappropriating valuable stock interests , and skimming profits .