Fingleton facing fast-tracked court action over INBS damages
Former Irish Nationwide boss Michael Fingleton is facing an action for damages for tens of millions of euro.
The case brought by the special liquidators of IBRC has been fast-tracked to the Commercial Court.
Fingleton retired from Irish Nationwide Building Society in 2009, during the banking crisis
The nationalised INBS is now under the control of IBRC’s special liquidators, who are suing him for an unquantifiable sum running into tens of millions.
They allege he breached his obligations while at the helm of the society and that he shouldn’t have received a €1m performance bonus in 2008.
They claim if the true state of INBS’s affairs had been known he would have been dismissed in 2007.
The court has been told Fingleton left ‘astonishingly little behind him’ at INBS by way of documentation and that meant records had to be reconstructed.
Proceedings have also been initiated against several former directors of INBS for allegedly delegating too much power to Fingleton.
All actions have been fast tracked to the commercial list.
