Monday 22 January 2018

Bank ready to challenge €200,000 refund case

Ray Managh

IT was a victory for the small investor, but now a leading bank is considering appealing the case to the highest court in the land.

A couple lost their life savings when bank shares collapsed, then won them all back again in a successful appeal to the Financial Services Ombudsman.

But semi-retired veterinary surgeon Patrick Noel Buckley (69) and his wife Helen may face yet another court battle to hang on to their €202,000 nest egg.

AIB is considering asking the Supreme Court to rule whether it should hear an appeal in relation to the case.

The Ombudsman's original decision ordered the bank to pay the Buckleys the €202,000 they invested on its advice.

In July, High Court President Mr Justice Nicolas Kearns threw out an appeal by AIB against this decision.

Yesterday, Mr Kearns, in the High Court, refused AIB leave to appeal his ruling to the Supreme Court.

But the bank is now considering asking the Supreme Court to rule whether it should hear an appeal of the judge's refusal.

The couple's barrister Seamas O Tuathail said it could take another three years.

Financial Services Ombudsman Joe Meade last year heard that Mr Buckley, of Lough Ine, Station Road, Carrigaline, Co Cork, had sold his main veterinary practice for "the greater part" of €200,000.

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He and his wife wanted to invest it to help pay for their son Patrick to attend Veterinary College in Edinburgh.

He had met with officials of AIB in its South Mall, Cork, branch in August 2008 to discuss interest rates.

The Buckleys claimed that an AIB consultant had advised them to invest their money in bank shares.

Irish Independent

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