Tuesday 23 January 2018

Ex-boss may sue State over share loss

Tim Healy

A FORMER head of Anglo Irish Bank's lending division is considering bringing an action on behalf of the bank.

Thomas Browne may seek damages against senior Anglo officials, former Central Bank governor John Hurley, former financial regulator Patrick Neary, and the State, alleging that their negligence led to him suffering massive losses on his 1.44 million Anglo shares.

Anglo insists Mr Browne has no basis for a derivative action.

The bank is seeking €50m in summary judgment orders against Mr Browne, of Ferney Hill, Brighton Road, Foxrock, Dublin, director of Anglo's lending here from 2005 to autumn 2007, over unpaid loans.

In the Commercial Court, Mr Browne claimed he had a defence and counter-claim on grounds that "fraudulent", "deceitful and probably unlawful" conduct of Anglo and its senior officials resulted in the bank's demise.

Mr Justice Peter Kelly said he would allow Mr Browne to bring a motion seeking to bring a derivative action and would hear any such motion and the summary judgment proceedings on December 16.

Irish Independent

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