Ex-CEO Of Irish Nationwide is being sued for alleged negligence in relation to his management of the building society.
Michael Fingleton has failed to convince the High Court to halt legal action taken against him by the Irish Bank Resolution Corporation.
The former CEO of Irish Nationwide is being sued for alleged negligence in relation to his management of the building society.
Our Courts Correspondent Frank Greaney reports:
"IBRC claims the €6bn in losses recorded by Irish Nationwide between 2008 and 2010 arose from development loans made while Michael Fingleton was in charge.
One of the specific allegations made against him is that during that time, he approved several development loans for over €1m without consulting the board.
Mr Fingleton hotly denies any wrongdoing.
His lawyers argued the case shouldn’t go ahead due to their client’s poor health, which they claimed prevented him from mounting a proper defence.
He suffered a stroke a few years ago, and while Mr Justice Tony Hunt accepted all the evidence in relation to his poor health, he wasn’t convinced that Mr Fingleton would be denied a fair trial, and he was satisfied that the “balance of justice lies firmly on the side of permitting the proceedings to continue”
He also ordered Mr Fingleton to pay the other side’s legal bill for his failed application."
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