Courts / Ireland / Report
Action against Davy stockbrokers settled
2016-02-22
Hearing Or Decision
Summary
Patrick Kearney and Kilmona Holdings Ltd sued J&E Davy over advice given in 2014 about selling 27 million Anglo Irish Bank callable subordinated floating bonds. Kearney claimed the brokers advised a sale at 20.25 cent per euro, yielding about €5.58 million, which he said undervalued the bonds and failed to disclose a conflict of interest. The case was admitted to the Commercial Court in October 2015 on consent between parties. On 22 February 2016, the court was informed that the parties had settled the claim and it could be struck out. No settlement details were disclosed. The sale had been arranged to discharge a €2.36 million debt to Stapleford Finance Ltd, with profits to be shared among Kearney, LeBruin Private Ltd and Davy. The settlement ended the litigation.
Who, what, where, when and why
What: Report matter: Action against Davy stockbrokers settled. Procedural stage: hearing_or_decision
When:
- November 14, 2014 Other
- 2016-02-22 Publication
Case subjects
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