KBC Bank wins €17.7m damages against law firm

A High Court judge has awarded KBC Bank €17.7m damages against Dublin law firm BCM Hanby Wallace, now Byrne Wallace over “most serious” failures to ensure the bank had security for substantial loans advanced to a property developer and struck-off solicitor Thomas Byrne.

The bank sought security on 30 properties but only got security on three.

Mr Justice Brian McGovern previously found the breach of duty by the firm amounted to “a deception” because it was aware the required security was not in place but led the bank to believe it was. This was not about a single act of negligence but “multiple failures” repeated across four separate loan transactions, he ruled.