Ruling later in action over €25m AIB loan
Published 04/06/2011 | 05:00
THE Commercial Court has reserved judgment on the action by businessman Philip Lynch and his family aimed at preventing AIB pursuing them for repayment of a €25m loan to buy development lands in Waterford.
The case opened last December and evidence ended last month after which legal submissions were heard over six days.
When those submissions concluded yesterday, Mr Justice Michael Peart said he was reserving judgment on the 27-day hearing.
The judge did not indicate when judgment would be given but given the length of the action and the issues involved, it is expected to take some time.
The legal costs of the case are expected to amount to several million euro.
Mr Lynch, his wife and four children -- Judith, Philippa, Therese and Paul -- have sued AIB and two law firms -- LK Shields and Matheson Ormsby Prentice -- in an effort to avoid AIB pursuing them over the €25m loan of February 8, 2007.
The loan was issued to the family and developer Gerry Conlan to buy 86 acres at Kilbarry, Waterford, for development.
The bank has brought separate proceedings against Mr Conlan over the loan which will be dealt with later.