Limerick man was allegedly overpaid €1.8m by spread betting firm

A LONDON-based spread betting company is suing Limerick businessman Pat Mulcair for €1.8 million, which was allegedly overpaid to him by mistake last June but has not been returned.

The proceedings by City Index Ltd against Mr Mulcair, of Ballyclough House, Ballysheedy, Co Limerick, alleging he has been unjustly enriched by €1.8m were admitted to the Commercial Court yesterday by Mr Justice Peter Kelly.

When Mr Justice Kelly asked Brian Kennedy SC, representing Mr Mulcair, to indicate what the defence to the case might be, counsel said Mr Mulcair was saying that certain representations were made to him and, in reliance on those, he had continued with an open account with the firm. When the account reached a certain level, Mr Mulcair decided to close it and would say he would have closed the account earlier when it was at a lower level.