IBRC fails in court bid for order on Quinn legal costs
THE former Anglo Irish Bank has failed in its bid to get court orders requiring the family of bankrupt businessman Sean Quinn to provide security for costs in relation to a legal challenge.
The bank, now Irish Bank Resolution Corporation, sought security for the cost of getting legal discovery of documents for the family's action aimed at avoiding liability for €2.34bn loans.
The bank had argued the costs of making the "vast" discovery sought by the family could be €1m.
Mr Justice Michael Moriarty ruled yesterday that the bank was not entitled to an order requiring Patricia Quinn and her five children to provide security for costs of discovery for their action, which alleges they have no liability as Anglo had engaged in illegal conduct to prop up its share price.