Developer alleges Ulster Bank mis-sold him loan products

Developer David Agar has alleged before the Commercial Court that Ulster Bank mis-sold him financial products related to interest rates on loans totalling €87m.

In an action which opened yesterday before Mr Justice Peter Charleton, Mr Agar claims the right to an indemnity against any loss or liability arising from the bank’s execution of the swaps. He is also claiming damages for alleged breach of contract and alleged breach of duty by the bank.

The bank denies the claims and has counterclaimed for €47m against him related to loans for the Harcourt Building.