Employees Sue Lowder, Dye, Others

Employees of Colonial Bank have sued Bobby Lowder and others saying that they are liable for their lost retirement savings:

The lawsuits filed in federal court in Montgomery claim the ill-advised investments were wiped out when the value of the company's stock dropped from almost $25 a share in 2007 to less than 10 cents a share with the bank's federal takeover in August.

The eight lawsuits name as defendants Lowder and other members of the board of directors, including former Auburn football coach Pat Dye and dog track magnate Milton McGregor.