Thursday 25 December 2014

Nationwide lawsuit – attempt to add KMPG

Tim Healy

Published 08/07/2014 | 02:30

A COURT application may be made to join accountancy firm KPMG as a defendant to an action arising from some €6bn losses at Irish Nationwide Building Society (INBS).

KPMG acted as auditors for INBS for some 20 years.

Terence J Cooney is one of four former directors of INBS being sued, separately from former INBS CEO Michael Fingleton, arising from the losses.

Mr Cooney wrote earlier this year to the Finance Minister, claiming it was "preposterous" the two special liquidators of state-owned Irish Bank Resolution Corporation (IBRC), Kieran Wallace and Eamonn Richardson – both partners in KPMG – were not suing their own firm for alleged negligence.

Mr Cooney previously secured orders joining KPMG as a third party to the proceedings brought against him and former directors but he argues KPMG should be joined as a defendant to the case, brought by IBRC and INBS.

Yesterday, Edward Farrelly, for Mr Cooney, secured permission from Mr Justice Peter Kelly to bring an application to have KPMG joined as a defendant if the Minister does not direct the plaintiffs to do so before July 28.

Irish Independent

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