AIB settles legal dispute with former senior executives

A legal dispute between AIB and several former senior executives whom the bank has accused of secretly scheming to take over its international financial services business has been settled, the Commercial Court heard yesterday.

AIB settles legal dispute with former senior executives

A legal dispute between AIB and several former senior executives whom the bank has accused of secretly scheming to take over its international financial services business has been settled, the Commercial Court heard yesterday.

AIB had claimed the executives, and a number of European based financial services companies unlawfully conspired with a rival business to take over the clients, business and staff of AIB's IFS business after the bank decided to sell the IFS business to another group, Capita.

The individuals concerned and a number of defendant companies - Centralis SA based in Luxembourg, Centralis Switzerland and Centralis Hungary - had all denied the bank's claimed. The companies had also pleaded that AIB's actions had prevented them from competing against IFS.

Today at the Commercial Court, the big business division of the High Court, Mr Justice Peter Charleton was informed by Mr Michael McDowell SC for AIB that the action against all parties had been settled and could be struck out. No details of the settlement were revealed in open court, and the terms are believed to be confidential.

The case, had it gone on, was expected to last for four weeks.

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