Thirteen of the members of the Davy-16 group of employees who were involved in a 2014 Anglo Irish Bank bond trade at the heart of a Central Bank fine and reprimand for the firm in March were named in the High Court on Monday.
The 13 have been joined as defendants alongside Davy in a case taken by Belfast developer Patrick Kearney, who was on the other side of the trade. Mr Kearney is suing for for damages and aggravated damages, alleging fraudulent misrepresentation, concealment and breach of contract.
He has also alleged that Davy made a windfall profit of about â¬25 million, and deprived him and his company of the best price when it sold the bond on his behalf.
Davy crisis: Firm shuts bond desk, says no one linked to controversial deal is still at firm NTMA earlier pulled Davy’s ability to act as primary dealer of Government bonds
Tue, Mar 9, 2021, 04:45 Updated: Tue, Mar 9, 2021, 19:47
Davy said on Monday evening that it had closed its bond desk, resulting in four redundancies, as it raced to contain a growing crisis triggered by a €4.1 million Central Bank fine and rebuke over breaches of market rules in relation to a 2014 bond deal.
The brokerage said that, following the move, none of the 16 individuals involved in the controversial trade was working for the firm.