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
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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