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Settlement reached between children of Seán Quinn and IBRC

The legal action was first filed in 2011, and had been expected to last a number of months.

Image: RollingNews.ie

A SETTLEMENT HAS been reached between the children of Seán Quinn and the Irish Bank Resolution Corporation (IBRC), ending a lengthy legal battle.

The High Court case relates to loans of €2.34 billion that were provided by Anglo Irish Bank to Quinn Companies. It is the case of the Quinn children that they received no legal advice in relation to these loans and, although they signed various documents related to them, they were only shown the “signature page” which they then signed.

The Quinns deny any liability for share pledges and guarantees in relation to these loans in this case against IBRC – the successor to Anglo.

Last Wednesday, the High Court refused a “radical” application by the children of Seán Quinn to amend the case they were taking against IBRC. On Friday, talks between the two sides began.

Today, IBRC released a statement that said that “an agreement has been reached following discussions over the last number of days”.

Pursuant to the agreement, the Quinn family has agreed to a dismissal of all of their claims against IBRC, as well as their separate claim against the Central Bank and various other parties.
The Quinn family have provided IBRC with full disclosure and they will likewise relinquish any entitlement to any of the assets that are the subject of IBRC’s security, which they acknowledge to be valid and enforceable.

“Final orders, including orders for judgement, will be obtained in the proceedings taken by IBRC against the Quinn family. IBRC will retain an ability to enforce agreed judgments against the Quinn family.

“IBRC views this settlement as being in the best interests of creditors, in circumstances where it has received full disclosure from the Quinn family and where the very lengthy litigation that has been in being since 2011 will be brought to a conclusion.”

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