Morrogh clients to get €10 million

A TOTAL of €10 million in compensation is to be paid to the 2,600 clients of failed stockbroking firm W&R Morrogh from the industry-funded Investor Compensation Fund.

The Investor Compensation Company Limited(ICCL), which administers the Investor Compensation Fund, published its Annual Report for 2003-2004 yesterday.

The report reveals that the total anticipated compensation bill arising out of the closure of W&R Morrogh in April of 2001 will now come to €10m - double the original estimate and €3m more that the ICCL were budgeting for a year ago.