Irish Life bail-out swerves stockholder challenge

By Owen Sanderson
17 Sep 2014

The High Court of Ireland has backed the forced bail-out of Irish Life and Permanent against a challenge from equity holders in the group, who walked away with nothing, that the bail-out was illegal.

The shareholders said that the actions of the Irish Finance Minister “involved an illegal takeover of the company and amounted to an expropriation of their interest in it”.

The challenge came from Gerard Dowling, Padraig McManus, Piotr Skoczylas and Scotchstone Capital Fund, an investment vehicle controlled by Skoczylas, ...

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