Bank of Ireland brings own proceedings over Davy purchase

Bank claims under share purchase agreement, firm acting for company representing Davy investors is obliged to indemnify the bank in relation to losses and other liabilities

Last year, Ailmount Investments Ltd, which held the legal interest in a firm acting for a company representing 722 investors in Davy, brought proceedings against BoI firm, BoI Nominee 1 Ltd, claiming the bank unlawfully withheld a deferred payment of some €15.3m due to them under the share purchase agreement which affected the sale. Picture: Brian Lawless/PA Wire

Bank of Ireland (BoI) has brought its own High Court proceedings over its purchase of the Davy stockbrokers group.

Last year, Ailmount Investments Ltd, which held the legal interest in a firm acting for a company representing 722 investors in Davy, brought proceedings against BoI firm, BoI Nominee 1 Ltd, claiming the bank unlawfully withheld a deferred payment of some €15.3m due to them under the share purchase agreement which affected the sale.