Family awaits ruling on €25m development loan

THE Commercial Court will rule next month whether businessman Philip Lynch and his family have any liability to Allied Irish Banks for a €25 million loan issued to them to buy development lands in Co Waterford.

The case opened lastDecember, evidence ended last May and legal submissions were heard in June after which Mr Justice Michael Peart reserved judgment on the 27-day hearing. He indicated yesterday he expected to give judgment on November 15.

The legal costs of the case are expected to amount to several million euro.