Quinn family to take ‘huge state compensation case’

The family of former billionaire Seán Quinn have said they plan to take a “huge compensation case” against the Government and the taxpayer will be left to foot the bill.

Colette Quinn told the Anglo-Celt newspaper the family were considering widening their legal battle against the former Anglo Irish Bank to include the Central Bank and the Department of Finance.

The family disputes around €2.3bn of the €2.88bn Irish Bank Resolution Corporation says it is owed by the family.

The latest salvo in the battle between the family and the bank came as Seán Quinn returned to jail after being granted compassionate release for Christmas.

Quinn, 66, turned up for readmission to Mountjoy prison’s training unit at 7.40pm, 20 minutes before his deadline, after three and a half days of freedom at his Cavan home.

The family have taken their case against the former Anglo bank alleging €2.234bn loans were made to Quinn companies for the unlawful purpose of propping up the bank’s share price. The case was scheduled to begin in the Commercial Court next April but earlier this month the DPP asked for the case to be delayed because of criminal proceedings against former Anglo directors.

Colette Quinn said: “Realistically the family see ourselves before the courts for at least the next three years. If we are successful in our cases, and I believe we will be, that will leave it open for us to take a very large compensation claim, not just against the bank, but also the regulator and the Department of Finance. It’s the taxpayer who will lose out.

“It’s very important to establish, this was never our preferred option. What has happened and where this has all come to, this was the bank and the regulator who brought it to this stage.”

The Quinns’ legal team told the Commercial Court earlier this month they were considering joining the Central Bank and the Department of Finance to their case.

In response Mr Justice Peter Kelly said any move to join the Central Bank and the department would “change the whole landscape” of the case. The court also heard that the DPP wants the case deferred because she believes that the family action raises issues overlapping with issues in forthcoming criminal proceedings against former Anglo executives.

© Irish Examiner Ltd. All rights reserved

Email Updates

Receive our lunchtime briefing straight to your inbox

More in this Section

Hospitals dumping €1m of milk formula: study

Teenage sweethearts among five killed on roads in past three days

Undocumented Irish in US make video to highlight plight

Barry Cowen rejects EU warning on water


Breaking Stories

Stormont sitting cancelled as powersharing talks collapse

Latest: Government calls on Opposition not to 'exploit' Garda controversy

March in Macroom to raise awareness for plight of Ava Twomey

Garda Commissioner to meet Tánaiste and Justice Minister

Lifestyle

Meet the US firefighter running the Cork City Marathon with his severely ill daughter

'You’re doing phenomenally well with brilliant men; why wouldn’t you want brilliant women too?'

Damien Enright: The fascinating Armoured Ground Crickets are perfect look-alikes for horror-film aliens

Jess Kavanagh is putting some real bite in her Barq

More From The Irish Examiner