€1.7m case against former AIB director Somers struck out
A summary judgment application for €1.7m against former AIB and Central Bank director Bernard Somers in relation to a loan secured on various assets, including his home in Foxrock, Dublin, has been struck out at the Commercial Court after the sides reached an agreement.
Launceston Property Finance DAC had brought the case arising from a demand issued on October 4, 2017, of some €1.76m allegedly outstanding on a €3.62m loan, but the matter was adjourned for talks.
The case was first before the court late last year and was adjourned to allow talks to take place between the sides.
Yesterday, Gary McCarthy SC, for Launceston, told the court the matter had been resolved between the parties and with the consent of both parties the case could be struck out.
No details of the settlement were given in open court.
Mr Justice Robert Haughton agreed to strike out the case.
Launceston had sought summary judgment against Mr Somers and his wife Marguerite, of Old Bawn, Kerrymount Avenue, Foxrock. It arose from a 2010 loan for €3.62m made by Anglo Irish Bank Corporation Ltd to the couple.
After Anglo's collapse, the loan was transferred to Irish Bank Resolution Corporation and acquired by the fund in 2014.
Launceston claimed the loan was not drawn down for purchasing a family home but the couple's home was security for it.