A legal action arising out of a decision by EBS to terminate an agency agreement with a financial services company to operate three of the building society's branches has been resolved.
The action was brought by Betty Martin Financial Services (BMFS) Ltd, over EBS's decision to terminate an agency agreement between the parties to operate EBS branches in Athlone, Longford and Lucan.
The dispute arose after BMFS alleged that in 2017 EBS decided to unlawfully end an agreement, which it has operated for many years, over its refusal to engage in the mis-selling of financial products to customers.
EBS had strongly denied that allegation, and argued that it was fully entitled to terminate the agreement.
Injunction
BMFS had successfully secured an injunction from the High Court in 2019 preventing EBSDAC from terminating their agreement known as a Tied agreement, to operate the three branches.
Another financial services entity was due to take over the operation of the EBS branches, it was also alleged.
That injunction, which was to remain in place pending the final outcome of the dispute, was upheld following an appeal to the Court of Appeal.
The matter was listed for hearing before the Commercial Court.
On Tuesday Keith Farry Bl for BMFS told the court that arising out of talks between the parties the dispute had been resolved.
It was agreed that the action could be struck out and the injunction could be vacated, counsel said. No other details of the settlement were given in open court.
