Quinn family may avoid liability for €2bn loans

The family of bankrupt businessman Sean Quinn yesterday won the first leg of a legal battle with Anglo Irish Bank.

A significant Commercial Court ruling means the Quinn family might avoid liability for loans of up to €2.34bn if it proves its claims Anglo Irish Bank made those loans to various Quinn companies for the unlawful purpose of supporting the bank’s share price.

Legal sources believe the decision by Mr Justice Peter Charleton could have consequences for other cases.