Seán Quinn's family have case admitted to the High Court

Monday 26 May 2014 17.36
The case relates to loans advanced to the Quinn Group totalling around €2.3bn
The case relates to loans advanced to the Quinn Group totalling around €2.3bn

An action by Seán Quinn's wife and five children against the Central Bank, the Minister for Finance and a number of former directors of the former Anglo Irish Bank has been admitted to the High Court's Commercial Division.

Ciara, Colette, Brenda, Aoife, Seán Quinn Jr and their mother, Patricia are suing the bank, the minister and ten former executive and non-executive directors of the bank over loans advanced to the Quinn Group totalling around €2.3bn between September 2007 and July 2008.

The Quinns are seeking declarations that the defendants conspired to commit illegal acts through breaches of section 60 of the Companies Act 1963 and the Market Abuse Regulations 2005. 

And that they conspired to procure the then Anglo Irish Bank to commit the same illegal acts and that the directors' authorisation of the loan facilities was illegal and or wrongful.

They are seeking damages for conspiracy, negligence, breach of duty, fraudulent misrepresentation and the misuse of power by holders of public office.

They say the loans were given to fund margin calls on Sean Quinn's gamble on Anglo shares through Contracts for Difference and they say this artificially supported Anglo's share price.

They claim the Financial Regulator and the Minister for Finance knew of, participated, facilitated and compounded the wrongful acts perpetrated by Anglo and caused substantial loss and damage to the Quinn children's valuable shareholdings.

The matter will be back before the court on 20 October.