Court reserves judgment in Lynch family’s AIB action

THE Commercial Court has reserved judgment on the action by businessman Philip Lynch and his family aimed at preventing Allied Irish Banks pursuing them for repayment of a €25 million loan to buy development lands in Waterford.

The case opened last December and evidence ended last month after which legal submissions were heard over six days. When those submissions concluded yesterday, Mr Justice Michael Peart said he was reserving judgment on the 27-day hearing.

The judge did not indicate when judgment will be given but, given the length of the action and the issues involved, it is expected to take some time. The legal costs of the case are expected to amount to several million euro.