Two shareholders challenge IL&P decision

The Finance Minister Michael Noonan's decision to pump €2.7bn into Irish Life and Permanent is being challenged in the courts.

Shareholders voted against the move at an EGM two weeks ago.

However last week, the High Court granted an order forcing IL&P to accept the cash injection from the public purse - a move which effectively wipes out shareholder investments.

Today two IL&P shareholders, Gerald Nigel Bunting and fund investor Horizon Growth NV, initiated legal proceedings to reverse the Minister's order.

The case has been put back until next month.