Drumm wife agrees to set aside transfer of property

Anglo Irish Bank's legal action against the wife of its former CEO David Drumm has effectively come to an end this afternoon.

Earlier this week, the bank secured a court order stopping Lorraine Drumm from transferring their north Dublin home into joint ownership.

Last Tuesday, Lorraine Drumm's lawyers offered to settle Anglo's action over her Malahide home by transferring it into her husband's name.

The state-owned bank claimed doing so would frustrate US and Irish court proceedings against David Drumm.

Since then they have been in negotiations with lawyers for Mrs Drumm who has agreed to set aside the original transfer of the property into her name.

Although that effectively draws Anglo's action against her to an end, the bank is still pursuing her husband for €8.5m.

So far, the US court-appointed official in charge of his bankruptcy proceedings has not indicated what her position on the case is yet.

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