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...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Willie O’Reilly: In the ‘sewer’ of Twitter, ignorance is no defence

Media Willie O'Reilly 18 hours ago

Holly Shortall: The modern family has room for everyone – including pets

Columnists Holly Shortall 18 hours ago

James McDermott: It’s high time our GAA heroes were paid fairly for their sporting labours

Sport James McDermott 18 hours ago

Failure to plan and invest will condemn future generations to a water crisis