Getty family loan payback ordered

A SETTLEMENT was announced yesterday in the legal battle by the billionaire Getty family against the operator of Punchestown racecourse for the repayment of a €3.8 million loan given under the passports for investment scheme.

The US-based Gettys loaned the money in 1999 to help fund the course’s redevelopment. It is understood three members of the Getty family — Jean Paul, Aileen and Gail Getty — were approved for Irish passports under the scheme.

Mr Justice Peter Kelly made final orders in the Commercial Court of the High Court. He noted the terms of the settlement in which the defendants agreed to pay €3.5m to the Getty-owned GT Equinus Inc.