Quinn Suing The State May Be A Potential Goldmine For Other Litigants

Posted on June 19, 2014 by Admin D

Today’s Irish Times reports that the Quinn family has filed a Statement of Claim in the Courts suing the Central Bank, Financial Regulator, the Minister for Finance as well as 10 former directors of Anglo for the loss of their businesses valued at €4.5 billion.

The basis of the claim is wide ranging and covers criminal activity and collusion between the bank and State bodies to breach multiple Acts and regulations and illegal lending practices.

The importance of this case cannot be underestimated for it’s importance to the tens of thousands of people who are facing summary judgment from banks attempting to repossess their homes or their businesses.

We have already seen the trial and uncovering of illegal lending in Anglo which above all else highlighted the ineptitude and collusion of the Central Bank and Regulators office, and the judge even used this as mitigation in sentencing. We have now also seen the arrest and charging of the former heads of Anglo and Irish Life and Permanent for an illegal €7.2 billion scam to misrepresent share prices.

It should also be remembered that Quinn tried to bring this case against IBRC but the government liquidated the bank in an all night Dáil sitting earlier this year which essentially put paid to any proceedings against the bank. Perhaps that shock move gives them good cause to believe there is something there to be uncovered?

The case could potentially unearth the collusion that most people believe has been ,and still is, going on between the financial sector, State bodies, and the government. It will concentrate on how banks were allowed to breach the Companies Act 1963 and the Market Abuse Regulations 2005, as well as the EU directive on the monitoring and control of large exposures of credit institutions ,and  of “inducing” the staff of Anglo to “falsely record” lending.

Whatever comes out of this trial may be of great use to every man and woman in Ireland fighting for their livelihoods against a banking system that seems to be able to do no wrong in the eyes of the State and government, while they are assisted in undertaking an asset grab not seen since famine times.. We will be watching with great interest and hope this will lead to the uncovering of the corruption at the highest level that led to the downfall of our economy.

It may also be that revelations from this trial may be of great use in forcing issues into the banking inquiry that may otherwise have been sandbagged.

In the mean time people facing proceedings from the bank need to hold out in any way they can while these things are uncovered as there may be a potential gold mine of facts that many lay litigants can use in their own cases against the banks which may force a change of attitude in the sector.