AIB has announced a $2.5m settlement in a legal action taken by some shareholders against it following the currency fraud at its US subsidiary AllFirst three years ago.
But it says the settlement will have no impact on its financial position as it will be funded by the bank's insurers. The class action suit began in 2002.
Under the terms of the settlement, all claims will be dismissed without any admission of wrongdoing or liability by any defendant. Legal fees will be deducted from the $2.5m.
Meanwhile, AIB says the Supreme Court of the US state of Maryland has upheld decisions made by lower courts to dismiss a suit for damages against the directors and some senior management of AllFirst.
