It sounds like the bug reported in the DDS Plugin topic, there is a screenshot in that post.
I did some more digging, and discovered that the bug is due to the DirectXTex flag that tells it to skip decoding mipmaps. Presumably the way it skips the mipmaps is not compatible with DDS files containing multiple images. I reported that discovery to the DirectXTex developers, so I am hoping the behavior of that flag can be fixed.