Monday 25 September 2017

IBRC settles dispute over Anglo payout

A HIGH Court action by the former Anglo Irish Bank arising out of a severance payment made to one of its former executives has been settled.

The action related to a payment of several million euros made by Anglo to Tiarnan O'Mahoney, the bank's former chief operating officer, who left the bank in early 2005.

Irish Bank Resolution Corporation, Anglo's successor, claimed the payout was invalid because it had not been approved by the bank's shareholders.

Mr O'Mahoney opposed the bank's action and counter-sued the bank.

Yesterday the court was told that, following lengthy discussion, the sides had come to an agreement.

The details of the settlement weren't revealed in open court.

Irish Independent

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