Shareholders fight IL&P wipeout

TWO Irish Life and Permanent shareholders have begun legal challenges against the Government’s plans to recapitalise the bank.

Last week, at the High Court, the Minister for Finance secured orders allowing the state to inject €2.7b into IL&P, giving the state a 99% stake in the bank, and wiping out the shareholders’ investment.

Yesterday, in a brief application before the High Court, shareholders Gerald Nigel Bunting and Horizon Growth Fund NV, represented by Niall Buckley BL, informed Mr Justice Michael Peart they were serving motions aimed at overturning or varying the orders obtained by the minister on July 26.