Hi °C | Lo °C SETTLEMENT talks are underway in a dispute over a €1.27m insurance policy of the late property developer Patrick Rocca junior.
His brother, Bernard Rocca, had brought a High Court case against Danske Bank claiming he and not the bank is entitled to the proceeds of the life policy.
Today, on what was the the fourth day of the action, following talks between the parties, Ross Maguire SC for Mr Rocca told Mr Justice Paul Gilligan that there had been "a development" in the case.
The Judge agreed to adjourn the matter for mention only to tomorrow morning. Declan McGrath SC for the bank said his client was consenting to the adjournment.
In his proceedings against Danske, trading as National Irish Bank (NIB), Mr Rocca claims he is the beneficiary of a Hibernia Aviva Life policy on his brother Patrick junior, who died tragically in January 2009.
The bank claims it is entitled to the proceeds to pay off monies some €1.5m still owed on a €3.85m mortgage loan advanced to Patrick and his wife Annette in 2006.
The bank claims Bernard Rocca in 2004 assigned the policy to Brentwood Properties Ltd, controlled by Patrick Rocca. It claims Brentwood's shares were beneficially owned by Patrick and Accorp Properties Ltd while Accorp's shares are owned by the estate of Patrick and his wife Annette.
The bank claims Brentwood assigned the benefit of the life policy to Patrick Rocca and that, plus other policies, were assigned to the bank as security for the €3.85m loan.
Bernard Rocca denies he assigned his benefit in the policy to any party and claims the bank has no lawful title to the policy proceeds.
