The receiver of Bridgecorp has resumed civil action against three of the company's directors. However former managing director Rod Petricevic is not one of them.
The finance company collapsed in 2007 owing almost $490 million and Petricevic was sentenced on Thursday to six and a half years in prison.
Bell Gully is acting for PricewaterhouseCoopers, which is in charge of the receivership. Partner Murray Tingey says the law firm is seeking $413 million in damages.
Mr Tingey says recovered money would likely come from directors' insurance taken out by the men, and would be shared among investors.
He says Petricevic and Rob Roest, who have both been declared bankrupt, are excluded from the claim, but Bell Gully is investigating other proceedings against them.
The Financial Markets Authority is also taking a civil case, but action has been suspended until Roest and Steigrad are sentenced in May.