The High Court has reached a resolution in businessman Patrick Kearney’s case against J & Davy stockbrokers and 16 members of the O’Connell Partnership. The court has made orders striking out Kearney’s claims in the case, with all parties agreeing to the settlement which includes a provision for 15 of the Davy individuals to pay all legal costs incurred by Kearney and his group, Kilmona Holdings Ltd. The settlement is expected to see Kearney receive around €2 million, without any liability being admitted. Kearney claimed that Davy sold his Anglo Irish Bank bonds to O’Connell Partnership, which made a secret windfall profit from their onward sale. The settlement resolves a substantial aspect of the dispute.
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