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Lawsuit blames Temple-Inland for Guaranty Bank's collapse

A lawsuit accuses Austin-based Temple-Inland Inc. of causing the 2009 failure of Guaranty Bank by burdening the bank with risky securities and "fraudulently looting" assets worth more than $1 billion. The lawsuit was filed in federal court in Dallas by Kenneth Tepper, a trustee who represents the failed bank's creditors and the Federal Deposit Insurance Corp. The suit seeks more than $1 billion in damages from Temple-Inland and names a number of former and current executives and directors of Temple-Inland and Guaranty Bank.  Barry Harrell, Austin American Statesman  08/24/2011