AIB and former financial services executives settle legal dispute

A legal dispute between AIB and several former senior executives whom the bank accused of secretly scheming to take over its international financial services business has been settled, the Commercial Court has heard.

AIB had claimed the executives, and a number of European-based financial services companies unlawfully conspired with a rival business to take over the clients, business and staff of AIB’s international financial services (IFS) business after the bank decided to sell the IFS business to another group, Capita.

The individuals concerned and a number of defendant companies — Centralis, based in Luxembourg, Centralis Switzerland, and Centralis Hungary — had all denied the bank’s claims. The companies had also pleaded that AIB’s actions had prevented them from competing against IFS.