Deirdre O Meara 
In a surprising decision, the High Court has refused to strike out a claim by businessman Patrick Kearney alleging former Davy stockbrokers employees misled him over the onward sale of bonds he had held in Anglo Irish Bank. The case centers around the 15 former employees and their employer, Davy, being sued by Mr. Kearney for alleged fraudulent misrepresentation that led him to settle a previous case in 2015 over his bond holdings in Anglo Irish Bank.
Mr. Kearney had purchased bonds in 2008 and 2009 from Anglo Irish bank as an investment. After Anglo’s financial collapse, he sought compensation through the bank guarantee scheme but was unsuccessful. He then brought a case against Davy and its employees before settling it out of court in 2015. However, he has now brought another action alleging fraudulent misrepresentation which induced him to settle the earlier action.
Mr. Kearney had purchased bonds in 2008 and 2009 from Anglo Irish bank as an investment. After Anglo’s financial collapse, he sought compensation through the bank guarantee scheme but was unsuccessful. He then brought a case against Davy and its employees before settling it out of court in 2015. However, he has now brought another action alleging fraudulent misrepresentation which induced him to settle the earlier action.
As such, Justice Twomey refused permission for any strike out applications which will allow both parties to present their full cases before any further decisions are made on the matter. This could mean significant implications for all involved if any wrongdoing is found on behalf of Davy or its former employees when it comes to handling Mr. Kearney’s investments with Anglo Irish Bank back in 2008/2009.
