Bill Cullen launches lawsuit against Merrion Capital
BUSINESSMAN Bill Cullen is taking a case against Merrion Capital, the stockbroker and investment adviser, a High Court listing shows.
Other defendants named in the proceedings are Ulster Bank, accountancy 'big four' PwC, insolvency firm Kavanagh Fennell and Glencullen Holdings and Cullen's former car dealership operator – which is now in an Ulster Bank appointed receivership.
The case is about a "pension-related matter" a spokesman for Cullen said, adding that he couldn't comment further.
Cullen, who declined to comment, officially launched his new car showroom on Thursday night, where he sells the Korean Ssangyong car brand to Ireland at a new showroom on the Naas Road in Dublin, backed by wealthy haulage industry tycoon Robert 'Pino' Harris.
A former self-made multimillionaire and star of The Apprentice TV show, he ran a €100m Renault dealership franchise for Ireland before spiralling car sales and bank troubles hit.
Cullen and his partner, former model Jackie Lavin, are consulting with British legal firm Berg, which is currently working with around a dozen Irish Ulster Bank clients with a view to taking legal action in relation to how the bank dealt with businesses that were struggling to survive.
Ulster Bank's parent, RBS, has been heavily criticised for alleged aggressive practices when working with firms that were battling to survive the recession.
Merrion Capital is currently involved in a sales process, with its management team reported this week to be close to buying out the business.
A source with knowledge of the process, however, said that Wall Street giant Cantor Fitzgerald was still in the running at this point.
Sunday Indo Business