Bank fraud payout could hit €200m

ACC Bank could face a payout of up to €200m if allegations of fraud and mis-selling are upheld in a High Court action, to be heard over a scheduled six-week trial starting tomorrow in the Four Courts.

The issues at the centre of the trial mean it has the capacity to be one of the biggest multi-action lawsuits ever brought before the Irish courts, with the potential for a massive payout to litigants, huge legal fees and other costs for the bank.

It is understood the potential fallout from the trial is causing grave concern at the headquarters of ACC Bank’s owners Rabobank Group in The Netherlands.