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Fingleton continues legal battle
01 Apr 2015 23:11
A legal action against four former directors of Irish Nationwide Building Society in relation to losses of more than €5 billion carried by the taxpayer has been dropped.
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This evening, liquidators said they had reached a settlement with the directors but would not disclose the details of the agreement.
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However, a legal action against the building society's former boss Michael Fingleton will continue.
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The liquidators were taking the action against former directors Terence J Cooney, David Brophy, John S Purcell and Michael Walsh.
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It was claimed that the four former directors failed to properly discharge their duties and these failures contributed to the losses sustained by Irish Nationwide.
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The liquidators, Kieran Wallace and Eamonn Richardson of KPMG said "that this resolution is a positive result for the bank and serves the best interests of the Bank and its creditors."
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