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The O’Connell Partnership was a group controlled by 16 individuals who were Davy employees which purchased an Anglo Irish Bank bond from Patrick Kearney in 2014
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.
A businessman has claimed J & E Davy stockbrokers made a windfall profit of some â¬25 million from bonds it sold on his behalf after he was allegedly fraudulently misled by senior executives in the firm.
In Commercial Court proceedings, Patrick Kearney says he learned about the alleged concealment after Davy was recently fined a record â¬4.1 million by the Central Bank because of the manner in which the stockbrokers sold his bonds.
Davy, while acting as his agent in the sale to what he was assured was a third party, had in fact sold them to the âOâConnell Partnershipâ which was controlled by Davy, he claims.