Quinn family damages action to be fast-tracked

An action by the family of bankrupt businessman Seán Quinn against the Central Bank, finance minister, and 10 former board members of Anglo Irish Bank for multimillion-euro damages over an alleged conspiracy to unlawfully shore up the share price of Anglo is to be fast-tracked by the Commercial Court.

If the regulator and minister were not involved, Anglo could not and would not have undertaken €2.34bn loan transactions causing “catastrophic and permanent” damage to the Quinns and the ultimate collapse of the Quinn Group, it is claimed.

The family claim the defendants were aware and approved of the making of €2.34bn illegal loans to Quinn companies between September 2007 and July 2008 to fund margin calls on contract for difference positions in Anglo shares, causing substantial damage to the Quinns’ shareholdings in those companies.