IL&P shareholder abandons legal challenge to bailout

A shareholder in Irish Life and Permanent has "abandoned" his legal challenge against the Government’s plans to recapitalise the bank.

Today the court was informed that shareholder Mr Gerald Nigel Bunting of Shelly, Suffolk, Ipswich, England had settled his action aimed aimed at overturning or varying the orders obtained by the Minister for Finance on July 26 last allowing the State to inject €2.7bn into IL&P, giving the State a 99% stake in the bank and wiping out the shareholders investment.