Morrogh investors will be compensated by ICC

REDRESS payments to clients of failed stockbroking firm W&R Morrogh are to exceed €5.2m after the Investor Compensation Company decided to cover extra losses arising out of the liquidation of the company.

The Central Bank controlled ICC is to publish its annual report this week and it is expected the negative financial implications of the recent High Court judgement by Mr Justice Roderick Murphy on the fund will be outlined.

Mr Justice Murphy issued an order that the estimated €5 million in shares held in trust for clients by W&R Morrogh should be used to pay the estimated €3 million-plus costs of receiver Tom Grace and the legal costs of the case before him.