Anglo fails to make Quinns secure cost

The former Anglo Irish Bank has failed in its bid to get court orders requiring the family of bankrupt businessman Seán Quinn to provide security for the costs of discovering documents for the family’s legal challenge over liability for loans of €2.34bn.

The bank, now Irish Bank Resolution Corporation, had argued the costs of making the “vast” discovery sought by the family could be as high as €1m while the costs of discovery to which the bank had agreed would be about €600,000.

Mr Justice Michael Moriarty ruled IBRC was not entitled to an order requiring Patricia Quinn and her five children to provide security for costs of discovery of documents for their action alleging they have no liability for the €2.34bn loans because Anglo had engaged in illegal conduct to prop up its share price.