Brothers settle action against friend over €1.25m inheritance

They are alleged to have given their friend the funds in 2015 and 2016 to be invested in Irish and European property and precious gems.

The court heard that the matters had been resolved, following out of court discussions between the parties' representatives.

Two brothers who sued a friend in the High Court over an alleged failure to account for or return a €1.25m inheritance they gave him to invest in various projects have settled their actions.

Businessmen Gary and David McGuinness brought proceedings against US-based David Morrisroe who they claimed had allegedly failed to return to them or answer their questions about funds they gave to him in 2015 and 2016 to be invested in Irish and European property and precious gems.

They had claimed that no such investments were ever allegedly made by the defendant.

Last October the McGuinness brothers, represented by Stephen Byrne Bl secured temporary High Court injunctions, including a worldwide freezing order restraining Mr Morrisroe from dissipating or dealing with the defendants' assets so as to reduce their value below a value of €1.25m.

They sought the orders over fears the defendant intended to allegedly dissipate assets and put them beyond the brothers' reach.

The brothers had also sought orders directing the defendant to repay monies the McGuinness brothers alleged they were owed. The allegations were denied.

The matter returned before the court on several occasions and was adjourned to allow talks between the sides to take place, with the restraints remaining in place.

When the matter was mentioned before Ms Justice Leonie Reynolds today, the court heard that the matters had been resolved, following out of court discussions between the parties' representatives.

Mr Byrne told the court that the proceedings could be struck out, with no order as to who should pay the legal costs of the action.

That matter could be re-entered before the court with a view to enforcing the terms of the settlement, counsel added.

Solicitor Gerald Kean for Mr Morrisroe said the orders could be made on consent. The settlement agreement is confidential.