Sean Quinn's family ask court to fast track Anglo Irish lawsuit
Published 24/05/2011 | 05:00
BUSINESSMAN Sean Quinn's family are set ask the courts to fast track their lawsuit against Anglo Irish Bank.
Last week Mr Quinn's family lodged papers in the High Court, seeking damages from the state-owned bank and alleging that it failed to handle its affairs in a proper manner. The case, which will centre on the circumstances behind the Quinn family's loss of control over the Quinn Group, is being taken by Mr Quinn's wife Patricia and her children -- Sean jnr, Brenda, Aoife, Colette and Ciara.
Entry to the Commercial Court, the big business division of the High Court, is not automatic and permission must be sought and granted for entry to the fast-track list.
That application seeking entry is expected to be filed in the coming days.
The Quinn family is suing Anglo for alleged negligence, breach of duty and intentional and/or negligent infliction of economic damage.
It has not yet filed a statement of claim setting out the details of its allegations against the bank, which is owed some €2.88bn by tycoon Sean Quinn and his family. One of the core issues is likely to be the validity of the charges that Mr Quinn's children granted over various Quinn family companies as security for their loans.
The Quinns claim the charges are invalid, unenforceable and of no legal effect. Anglo's new management team is understood to have carried out an extensive review of the charges, and consider them sound.
The Quinns are also seeking declarations from Anglo that guarantees given over six Cyprus companies are invalid. The assets held by these companies are unclear. The Quinn action that has been filed is one of three mooted legal battles arising out of the Quinn debacle.
Anglo has been mulling over taking legal action against Mr Quinn and his children to compel them to submit information about their wealth and devise some arrangements to deal with the outstanding debts.
The Quinns have also been considering taking legal action against the Central Bank over its March 2010 decision to put Quinn Insurance into administration.