Bank and Doyle Group settle row

A dispute arising over Bank of Scotland plc’s sale to a hedge fund loans of €67m owed to it by a shipping firm here employing more than 300 people has been settled.

The Doyle Group, which acts as a holding company for several firms providing shipping and warehousing services at all major Irish ports, wanted to refinance its Bank of Scotland’s loans with Ulster and claimed BOS’s sale to the Blue Bay fund would be damaging for it and its workers.

In its action the group claimed BOS’s attempt to sell the debt to a third party amounts to breach of a May 2012 agreement between the parties.