An investment bank is close to a settlement with two groups of nuns, an Irish charity for veterinarians and more than 100 private investors who say they lost €16m in a bond sale.

IRISH brokerage firm Bloxham must defend a lawsuit filed by nuns, a veterinary fund and 85 other investors claiming they lost money when Morgan Stanley failed to sell notes soon enough after they were downgraded.

THE main insurance body for solicitors in Ireland has claimed its ability effectively to indemnify solicitors has been affected by more than €8 million losses allegedly resulting from negligent advice by Bloxham Stockbrokers about investing in atotally unsuitable bond which fell 97% in value.