Claim against former Anglo Irish Bank executive to proceed in 2020
A legal action against former Anglo Irish Bank executive Thomas Browne has been listed for hearing in the Commercial Court for April next year.
The case was originally due to be heard back in October 2012, but was adjourned on the basis it may have caused conflict with criminal proceedings against former Anglo Irish Bank Chairman Sean Fitzpatrick and senior executive Pat Whelan.
Those trials have long since concluded. Mr Fitzpatrick was cleared of all charges brought against him arising out of the bank's demise.
In July 2014 Mr Whelan, Anglo’s one-time director of lending in Ireland, was sentenced to 240 hours of community service having been found guilty of being involved in the provision of illegal loans to 10 developers to buy shares in the bank.
In proceedings before the Commercial Court, Mr Browne disputes claims against him by Irish Bank Resolution Corporation (formerly Anglo) over some €50m in loans advanced to him by Anglo prior to its collapse.
When the matter was briefly mentioned before Mr Justice Robert Haughton at the Commercial Court today Paul Gardiner, SC for IBRC, said the sum initially sought by his client would have to be revised downwards following the sale of certain assets.
Mr Justice Haughton, following IBRC's application, agreed to re-enter the case. The Judge fixed the hearing of the action, which is expected to last six weeks, to a date in April 2020.
Previously the court heard that Mr Browne of Ferney Hill, Brighton Road, Foxrock, Dublin, head of lending at Anglo between 2005 and 2007, claims he has no liability on grounds including, when the loans were made, the bank was allegedly aware the interest acquired by businessman Sean Quinn in the bank was such as to undermine its stability and to render his shareholding valueless.
Had he known of such matters, he would never have exercised his share options in late November 2007 or held on to shares which became "worthless", he claims.
