Irish stockbroker Davy has vowed to defend a new legal action from a Northern Irish developer.
Patrick Kearney and his firm Kilmona Holdings have filed a new High Court action against both Davy and the O’Connell Partnership, the consortium of 16 Davy executives that bought his Anglo Irish Bank bonds at a discount while Davy acted as his selling agent.
A conflict of interests resulted in a €4.13m Central Bank fine and caused the stockbroker to be put up for sale.
