Anglo secures costs orders against wife of ex-boss

ANGLO Irish Bank has secured costs orders against Lorraine Drumm, wife of its former chief executive David Drumm, arising from the effective settlement of proceedings against her over the transfer of the Drumm’s former family home in Malahide, Co Dublin, into her sole ownership.

The costs orders were made by Mr Justice Peter Kelly at the Commercial Court yesterday on the application of Paul Sreenan, for Anglo, with the consent of Gary McCarthy, for Ms Drumm, who is living in the US with her husband and family. The judge also placed a stay on the costs orders for seven days.

Mr Drumm filed for voluntary bankruptcy in the US last month and the effect of that move has been to impose a worldwide stay on legal proceedings against him. The High Court here has reserved its decision whether to recognise the US proceedings via an “order in aid”.