Quinns allowed to proceed with claims

A High Court judge has permitted the family of businessman Sean Quinn to proceed with claims in their forthcoming legal action that €2.34bn loans by Anglo Irish Bank to various Quinn companies were made for the unlawful purpose of propping up the bank’s share price.

Quinns allowed to proceed with claims

However, the Quinns cannot continue to pursue those aspects of their claim alleging the loans are unenforceable, Mr Justice Robert Haughton ruled.

He was making final directions concerning management of the hearing, due to open on June 3, of the action by Patricia Quinn and her five adult children aimed at avoiding liability for the €2.34bn loans.

The judge was told the family do not intend to appeal his ruling last week preventing them amending their claim to include a claim they were innocent parties to the loan transactions with the effect, they argued, the loans could not be enforced against them.

The family’s case has been brought against Irish Bank Resolution Corporation and its special liquidator Kieran Wallace.

The defendants previously joined Sean Quinn Sr and two former senior executives of the Quinn group, Liam McCaffrey and Dara O’Reilly, as third parties. The bank claims the third parties at all times acted as agents of the Quinns concerning the execution of share pledges and guarantees.

The Quinns deny those claims.

Also yesterday, Shane Murphy, counsel for IBRC, said his side intended to bring a motion during next month’s hearing against Sean Quinn Sr seeking judgment against him in this case.

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