State in legal row with PTSB investors

• ‘If we didn’t have a case, they wouldn’t have hired three law firms and the crème de la crème of barristers’ • Former PTSB director Piotr Skoczylas is among litigants driving the court action

14th May, 2017
Piotr Skoczylas, former Permanent TSB director Picture: Feargal Ward

The government perpetrated a “fraud” on minority shareholders in Permanent TSB (PTSB) and cost them over €500 million, according to claims in a recently launched quasi-class damages action.

So far, 49 affected stakeholders have initiated fresh High Court proceedings against the Minister for Finance over the €4 billion recapitalisation of PTSB from July 2011, a move which effectively wiped out the value of their shares.

In legal papers, the case has been characterised as a...

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