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Dublin: 11 °C Tuesday 23 December, 2014

David Drumm’s wife reaches settlement with US court – report

Former Anglo Irish Bank CEO David Drumm filed for bankruptcy in the US in 2010.

David Drumm at an Anglo results briefing in 2008.
David Drumm at an Anglo results briefing in 2008.
Image: Photocall Ireland

A COURT IN MASSACHUSETTS has agreed a settlement with the wife of former Anglo Irish Bank CEO David Drumm.

Drumm has filed for bankruptcy in the US, though this is being contested by the IBRC (Anglo’s successor).

The Massachusetts judge presiding over the bankruptcy case has reached an agreement with Drumm’s wife, according to RTÉ.ie.

RTÉ reports that under the agreement, Lorraine Drumm is expected to pay almost €1 million to the Bankruptcy Trustee, but will be entitled to keep a share of the assets she owns jointly with her husband.

The couple is in the process of selling their house in Wellesley, Massachusetts, and a house in Malahide, Dublin. Another property in Cape Cod has been sold; an official from the bankruptcy court has approved the sale for almost $4 million.

Drumm is due to face a full bankruptcy trial this summer. His bid to prevent a challenge to his bankruptcy case failed earlier this year.

Drumm defends role in Anglo collapse, says: ‘Everyone was on the same team’ >

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