Judge gives deadline on joining KPMG as co-defendant in action

A judge said he wants to be told by the end of October whether it is proposed to join accountancy firm KPMG, former auditors of Irish Nationwide Building Society, as a co-defendant in a legal action brought over €6bn losses at the society.

Mr Justice Peter Kelly said a decision is awaited from either IBRC or others concerning the possible joinder of KPMG as a defendant. It seemed a law firm, Eugene F Collins, had been appointed to review legal advice on this issue and that was awaited.

The High Court judge said he had some sympathy in that regard with Terence J Cooney, a former director of INBS being sued for “enormous sums” who had himself joined KPMG as a third party and sought a stay on the proceedings pending a decision on the KPMG defendant joinder issue.