Shareholder drops his case over State's IL&P takeover
A SHAREHOLDER in Irish Life and Permanent has abandoned his legal challenge against the Government's plans to recapitalise the bank.
Yesterday, the court was told that Gerald Nigel Bunting of Shelly, Suffolk, Ipswich, England, had settled his action.
It was aimed at overturning or varying the orders obtained by the Minister for Finance on July 26, allowing the State to inject €2.7bn into IL&P.
This gave the State a 99pc stake in the bank and wiped out the shareholders' investment.
Earlier this week, two other shareholders -- Scotchstone Capital Fund Ltd and its managing director Piotr Skoczylas -- obtained permission from the court to be joined to the challenge.
The shareholders' actions were brought against the minister. Those remaining actions stand adjourned. It is hoped that the full hearing of the challenges will be in October.