Lynch family sues AIB and solicitors over loan deal
A process leading to AIB’s deletion in its loan facility letter of a clause concerning the nature of the bank’s recourse for the €25.3m loan raised the “most profound questions” about the ethics of AIB’s behaviour, Michael McDowell, counsel for the family, said yesterday.
Mr McDowell also argued that, between two law firms, LK Shields Solicitors, then acting for the Lynchs, and Matheson Ormsby Prentice Solicitors, representing Gerard Conlan, the Lynchs were collectively led to believe on February 8, 2007, they were signing up to a borrowing regime which would involve AIB having recourse only to the Waterford lands.