Bank sued over alleged mis-selling of derivatives

The owners of Belgard Retail Park in Dublin have sued Ulster Bank Ireland over the alleged mis-selling of derivative loan facilities or swaps totalling almost €54m.

Mr Justice Peter Kelly yesterday agreed to fast-track in the Commercial Court the action by Komady Ltd and Michael O’Reilly, owners of Belgard Retail Park, Belgard Rd, Dublin, against Ulster Bank Ireland Ltd.

Michael Howard, counsel for the plaintiffs, said the bank was consenting to transfer and the sides had also agreed a timetable for exchange of legal documents. The judge approved that timetable and noted it meant the case would return before the court in May.