Former building society directors sued over ‘catastrophic losses’

Four former directors of Irish Nationwide Building Society are seeking a large number of documents for their defence of legal proceedings in which they are being sued for tens of millions of euro due to the “catastrophic losses” suffered by the society.

Mr Justice Peter Kelly agreed yesterday to allow the directors additional time to prepare their defence in circumstances where the claims against them, brought by the special liquidators of IBRC into which the society was previously merged, extend back several years.

Various directions for exchange of legal documents mean defences will be provided by late October and the case will come before the judge again in late March when he is expected to fix a trial date. The trial is likely to last a long time, the judge observed in the Commercial Court.