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Broker Davy suing client in €1.2m action

STOCKBROKING firm J & E Davy is suing a businessman for about €1.2m allegedly owed under a shareholding account.

Proceedings against Tom Jones, of Nutley Avenue, Donnybrook, Dublin, were only brought as "a last resort" after he fobbed off the stockbroker several times by claiming he would put it in funds but always failed to so, Rossa Fanning, for Davy, told the Commercial Court yesterday.

Last November, Mr Jones gave Davy a cheque for €1.2m, which was dishonoured, counsel said. He had proven "deliberately evasive" and had hung up when a summons server rang him on his mobile phone.

Martin Hayden, for Mr Jones, objected to the case being transferred to the Commercial Court on grounds including if the shares at issue were sold the sum then due would fall under the €1m threshold of the Commercial Court.

Counsel said Mr Jones had understood the €1.2m cheque was not dishonoured but rather "countermanded" and said the cheque was required by Davy to satisfy the Financial Regulator.

Mr Justice Peter Kelly listed the summary judgment application for June 24.

Irish Independent