Former board members and staff at the liquidated New London Security Federal Credit Union are among those accused by five members of negligence in a lawsuit to recoup $4 million in losses.

The CU's former accounting firm is also being blamed for failing to supervise its financial adviser. The adviser, Edwin Rachleff, was also an investment broker with A.G. Edwards & Sons Inc., which later merged with Wachovia Securities and then Wells Fargo, who handled investments for New London. The CU was declared insolvent and liquidated in 2008 by the NCUA as a result of mismanagement by the now-deceased Rachleff. The losses totaled nearly $12 million.

Filed in June, the members' complaint named several entities responsible for the losses including five board members, a CU manager, Wells Fargo Advisors, auditing firm Beller, Shepatin & Co., Rachleff's wife, who is executrix of Edwin's estate, and a law firm that served as general counsel to the CU. Robert Reardon, the attorney representing the plaintiffs, was not available for comment.