Harassment case settled against bank for €500,000

AN investment bank has agreed a six-figure settlement with a former employee who said she was forced to quit her job after she was bullied and sexually harassed.

The Employment Appeals Tribunal (EAT) heard yesterday that a former investment director with ICC Venture Capital, Prisca Grady, had withdrawn her claim against the bank.

Although the terms of the settlement are confidential, it is understood Ms Grady, 40, of Logan's Bridge, Mountshannon, Co Clare, will receive a payment of over €500,000 after the bank also agreed to pay her legal costs.

Speaking after yesterday's hearing in Dublin, Ms Grady said she was "absolutely delighted" the case was settled.

"It's been a long, hard battle but well worth it in the end," said Ms Grady, who said she had made no decision about her future career.

Ms Grady told an earlier hearing of the EAT she was forced to resign from her €127,000 a year position with the bank in July 2000 as a result of oppressive, aggressive and threatening behaviour by management.

She also claimed that ICC's deputy managing director Tom Kirwan had behaved inappropriately when he and Ms Grady were alone in his office to discuss business.

The tribunal heard that Mr Kirwan had looked at his colleague in a suggestive manner.

On occasions, his "lips would redden" and his "eyes would glaze over".

However, Ms Grady's allegations were strenuously denied by Mr Kirwan and ICC.

Bank sources have indicated that senior executives at ICC - now owned by Bank of Scotland (Ireland) Ltd - were anxious to settle the case in order to avoid negative publicity.

In addition, sources said ICC was also concerned Ms Grady would highlight internal bank business including concerns about the management of funds and excessive profit-taking by the bank.

The High Court threw out a last-minute application by the bank on Friday to have yesterday's hearing prohibited on technical grounds.

After over two hours of private talks between the parties yesterday, Roddy Horan BL for Ms Grady told the Tribunal the appeal had been withdrawn without the need to apply for leave to re-enter the case.

"That is work well done. Congratulations," said EAT chairperson Kate O'Mahony.

A preliminary three-day EAT hearing last July ruled Ms Grady's case could go ahead, although she had failed to lodge her appeal within the statutory six-month deadline after leaving the bank.

The EAT ruled on that occasion that Ms Grady's fears that her former employers would impede her future employment prospects constituted exceptional circumstances.

Under EAT legislation, the Tribunal is limited to a maximum award of twice the applicant's annual salary. However, the sum that Ms Grady is understood to have agreed with ICC will total over four times her former income.