Republic of Ireland news

Sean Quinn family settles legal battle with the former Anglo Irish Bank

The family of Sean Quinn has settled a long-running legal battle with the former Anglo Irish Bank

A LONG-running legal battle between Sean Quinn's family and the former Anglo Irish Bank has been settled.

Mr Quinn's five children had denied liability for €415 million under guarantees in relation to loans advanced by the former bank to Quinn companies.

His children had claimed they were put under undue influence by their father in relation to the guarantees.

Talks to find a settlement started after an application to be allowed to make this claim as part of their legal case.

The High Court ruled against them last week

The successor to Anglo Irish Bank, IBRC, had counter claimed that the Quinns had been involved in a multi-million euro conspiracy to put international property assets beyond the reach of the bank.

Judgment is to be entered against each of the five children, Ciara, Colette, Brenda, Aoife and Sean Quinn junior in the sum of just over €88 million each.

However, judgments are to be stayed on terms agreed between the parties.

In a statement the Quinn family said they are happy to put the litigation with Anglo (now IBRC) behind them.

IBRC said the Quinn family had provided the bank with full disclosure and would relinquish any entitlement to any of the assets that were the subject of IBRC's security.

Originally from Co Fermanagh, Mr Quinn was once one of Ireland's richest men and oversaw a large business empire.

His brother Peter is a former president of the GAA.

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