Friday 21 September 2018

Widow's case on investment loss is settled

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Tim Healy

A property investment firm run by a close ally of former Taoiseach Enda Kenny has settled a lawsuit taken against it by a widow who lost hundreds of thousands of euros on foreign property.

Ellen O'Mahony sued Western Premier Properties Ltd and Morcon Financial Services Ltd, two firms run by Mayo county councillor Cyril Burke and two other men, after losing more than €400,000 invested in developments in Dubai and Lisbon. A director of the two firms, Thomas Connolly, was also named as a defendant.

Mrs O'Mahony claimed she had been badly advised, and a hearing of her claim began on Tuesday.

However, Bernard Madden SC, for Mrs O'Mahony, told the High Court yesterday the case had been "resolved to all parties' satisfaction" and the action could be "struck out".

Details of the settlement were not disclosed in court.

In a statement of claim, the mother of five had alleged the defendants failed to advise her about the level of risk involved in the property investments.

She alleged negligence and breach of professional duty.

The claims were strongly denied by the defendants.

Irish Independent

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