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Developer in Anglo bond deal suing Davy and 16 former employees Patrick Kearney lawsuit comes at sensitive time as suitors bid for stockbroking firm about 7 hours ago
Belfast property developer Patrick Kearney has launched a lawsuit against Davy and the group of 16 former employees who were on the other side of a 2014 bond deal with the businessman that was at that heart of a Central Bank fine and rebuke last month. The development comes at a sensitive time. Initial bids for the stockbroking and wealth management firm are being called before close of business on Friday. High Court filings submitted on Tuesday show that Mr Kearney and his Kilmona Holdings company have sued both Davy, the firm, and the so-called O’Connell Partnership, comprising the 16 former employees, including top executives, who were involved in the controversial trade of junior bonds in failed lender Anglo Irish Bank. ....
); Paschal Donohoe calls on stockbrokers Davy to make a public statement after €4.1 million Central Bank fine It’s understood the fine relates to a transaction involving Anglo Irish Bank bonds and a Maple 10 developer. By Ian Curran Tuesday 2 Mar 2021, 3:08 PM Mar 2nd 2021, 3:08 PM 32,864 Views 0 Comments MINISTER FOR FINANCE Paschal Donohoe has called on Davy stockbrokers to comment publicly on the €4.1 million fine that the Central Bank of Ireland fine levied against the company today. The regulator announced its findings this afternoon after an investigation revealed four breaches of market rules by the firm between 2014 and 2016. It’s understood to be the largest fine a brokerage in Ireland has ever faced. ....
Following discussions involving Mr Kearney, LeBruin and Tony OâConnor, an employee of Davy at the time, it was decided Davy would sell the bonds for a price which would discharge the â¬2.36 million debt to Stapleford and leave a profit to be divided between him, LeBruin and Davy. The bonds were sold for 20.25 cent in the euro, realising a total price of around â¬5.58 million. The consortium of 16 Davy staff would emerge on the other side of the trade as the buyers of the bonds, which was unknown at the time to Mr Kearney or Davyâs own compliance function. Mr Kearney claimed in his action that the â¬5.58 million price significantly undervalued the bonds, as he met with an investment banker on the day the deal went through in November 2014 who offered to buy the bonds at 32 cent each. He said that Davy persuaded him that the original deal for 20.25 cent had already been agreed. The developer had an execution-only account with Davy. ....