Anglo mis-sold fund, claims CEO

The CEO and chairman of electrical giant Glen Dimplex, Sean O’Driscoll, has alleged that Anglo Irish Bank mis-sold a German property fund to him as an investment, resulting in “catastrophic losses” with his €500,000 investment now standing at €88,000.

Mr Justice Peter Kelly made directions yesterday for a consolidated hearing in the Commercial Court of that claim, with three other actions by Mr O’Driscoll, of Granville Rd, Blackrock, Co Dublin, over other Anglo funds.

A fifth action, related to an Anglo fund involving New York hotels, is not being pursued by Mr O’Driscoll arising from the Supreme Court’s rejection of businessman Gerard McCaughey’s case over that fund.