Negligence case against Davy Stockbrokers settled

A claim Davy Stockbrokers was negligent in advising a businessman to sell investment bonds for around €5.58m which he alleged was at a significant undervalue has been settled, the Commercial Court has heard.

Patrick Kearney and Kilmona Holdings Ltd brought proceedings against J&E Davy, trading as Davy, over advice the stockbrokers allegedly gave in 2014 on the sale of 27m Anglo Irish Bank callable subordinated floating bonds.

The case was admitted to the Commercial Court list last October on consent between the parties.