Quinn family get go-ahead to sue FitzPatrick for damages
THE family of bankrupt billionaire Sean Quinn have secured permission from the High Court to sue former Anglo Irish Bank chairman Sean FitzPatrick for damages.
The Quinns required the court's permission to bring their intended action against Mr FitzPatrick because he has been adjudicated a bankrupt.
The estate is administered by the court-appointed official dealing with his bankruptcy, the Official Assignee, Chris Lehane.
Last month, the court was told that in their intended action, Patricia Quinn and her five adult children will claim that, between September 2007 and July 2008, Mr FitzPatrick conspired with others to enter into unlawful contracts. The alleged actions occurred prior to Mr FitzPatrick being adjudicated as a bankrupt in 2010.
Yesterday, Stephen Walsh, for the Quinns, said his clients were giving an undertaking that should they be successful, they will not seek to enforce any judgment for damages or legal costs against Mr FitzPatrick's estate.
Mr Walsh said the claim would be brought against an insurance policy concerning Mr FitzPatrick in his capacity as chairman of Anglo. It was still to be determined if such an insurance policy existed or if it would cover the intended claim.
Mr Lehane said he had no objection to the action being brought now an indemnity had been given.
Mr Justice Brian McGovern said he was satisfied to grant the Quinns permission to bring the damages action.
They intend to bring proceedings against 11 other former Anglo directors, and the Central Bank and Department of Finance in their capacity as regulators, over loans of €2.34bn allegedly unlawfully issued by Anglo to Quinn companies during 2007 and 2008.