Thursday October 29, 2020

State rejects PTSB shareholders’ mediation offer in shares case

The 49 affected stakeholders are currently awaiting judgment in a six-year legal battle against the Minister for Finance

11th June, 2017
Former PTSB director Piotr Skoczylas of Scotchstone

The state has roundly rejected an offer of mediation from former Permanent TSB (PTSB) shareholders embroiled in a quasi-class action for multimillion euro damages.

The 49 affected stakeholders are currently awaiting judgment in a six-year legal battle 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.

As those proceedings are seeking narrow declaratory relief under the Credit Institutions (Stabilisation) Act,...

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