EU court rejects legal challenge against bailout of Permanent tsb

The EU's highest court has thrown out a legal challenge against an Irish bank bailout.

The European Court of Justice has rejected an appeal from shareholders in Permanent tsb, who saw the value of their shares almost wiped out.

They had argued that the Government unfairly took a 99% stake in the bank in 2011, even after existing shareholders voted to block the plan at an EGM.

However, the court in Luxembourg has today said the case was justified "to prevent the failure" of Permanent TSB, and therefore to the financial stability of the EU itself.