Shareholders lose Irish Life challenge

The High Court has cleared the way for the completion of the €1.3bn sale of Irish Life and Permanent’s life assurance business, the Irish Life Group, to the finance minister.

Mr Justice Michael Peart dismissed a challenge by some shareholders of Irish Life and Permanent Group Holdings in the High Court yesterday aimed at quashing a direction order for the purchase of Irish Life granted last March to the minister under Section 9 of the Credit Institutions (Stabilisation) Act 2010.

Mr Justice Peart found the shareholders lacked the legal standing to challenge the direction, and dismissed their case as they were shareholders of the parent company and not ILP itself.