Quinn family to pursue IBRC for costs of three-day hearing
Published 25/02/2012 | 05:00
SEAN Quinn's family is set to pursue Irish Bank Resolution Corporation (IBRC) for the full costs of a three-day High Court hearing into the family's right to make key claims in its upcoming legal action against the bank.
IBRC, formerly Anglo Irish Bank, had asked the High Court to make a preliminary ruling preventing the Quinns from advancing claims that €1.8bn of loans were "unlawful" in the upcoming case.
On Thursday, Mr Justice Peter Charleton found in favour of the family, saying it would be "contrary to public policy" if they could not respond to the "flagrant illegality" they claim both the bank and co-defendant Sean Quinn are guilty of.
The issue of costs is expected to be dealt with at a separate court hearing within the next fortnight. The Irish Independent understands that Mr Quinn's wife and five adult children will ask the court to award costs against IBRC.
A spokesman for the family last night declined to comment. A spokesman for IBRC also declined to comment, though it is understood that the family's representatives have not yet informed the bank they'll be seeking costs. The level of the costs is unclear.
In a statement issued after the negative finding on Thursday, IBRC stressed that its reason for pursuing the preliminary hearing was to "considerably shorten these proceedings, with a view to substantially reducing the cost to the State".
The "discovery" in the main case could now run to more than a million documents that would take massive man power to assemble, sources have suggested.