Business Irish

Thursday 23 November 2017

AIB granted orders to halt soliciting of its IFS clients


Louise Hogan

Louise Hogan

AIB has been granted a number of orders before the High Court against former executives and a rival company the bank claims conspired to take over the clients, business and staff of AIB's International Financial Services (IFS) business.

AIB sought injunctions against six former employees and a number of European-based financial services companies preventing them from using what the bank claims is confidential information and from approaching IFS's clients for a significant period of time pending the full hearing of the trial.

The six are: Pat Diamond, Elton Park, Sandycove, in Dublin; Aidan Foley, formerly of Grawn, Kilmacthomas, Wexford; Gerry McEvoy, formerly of Shandon Park, Phibsboro, Dublin; Derek O'Reilly, of Fernleigh Drive, Castleknock, Dublin; Andrew O'Shea, formerly of Ashbrook House, Julianstown, Co Meath; and Joe Walsh, formerly of Grosvenor Terrace, Monkstown, Co Dublin.

The bank also brought proceedings against Centralis SA, based in Luxembourg, Centralis Switzerland and Centralis Hungary -- which AIB claims were also involved in the plan.

The bank's application was opposed by the defendants.

In his ruling yesterday, Mr Justice Frank Clarke said he was prepared to grant the bank certain orders against some of the defendants.

The judge made an order prohibiting Mr Foley, Mr McEvoy and Mr O'Reilly and the corporate defendants from soliciting any employees or clients of AIB IFS for a period of six months.


This order, the judge added, only applies to clients of AIB IFS who were allegedly solicited by the defendants, and not to those clients who had themselves initiated contact with the defendants without being solicited.

The judge said it was not appropriate to make orders against Mr Diamond, Mr Walsh or Mr O'Shea.

The judge further ruled that he was not prepared to make an order prohibiting the use by the defendants of what AIB claims is confidential information.

The terms of the order being sought were "too wide", and it was unclear what was claimed to be "confidential information and what was not", the judge said.

The judge adjourned the matter to early next week to allow the parties consider his ruling.

In it actions, AIB has claimed the executives unlawfully conspired with a rival business to take over the clients, business and staff of AIB's IFS business when it moved last June to sell it to another group, Capita.

It is claimed that the the executives put a scheme known as "Plan B" into operation after a management buyout of IFS did not take place.

Irish Independent

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