Judge reserves his decision on 15 of the former Davy employees’ motion to strike out the case against them
This week, 15 of the 16 asked the court to strike out Mr Kearney and Kilmona’s claim as bound to fail on the basis of Mr Kearney’s own pleadings.It was argued that Mr Kearney was aware his bonds were sold to the “O’Connell Partnership” and he was aware it was comprised of the former Davy 16. This, it was submitted, was because he had brought a different 2015 case against Davy alleging the sale of his bonds at an undervalue and a conflict of interest. That 2015 case was eventually settled.
What Mr Kearney knew, and what he was told at the time, was that the Davy employees were providing finance for the purchase but he was specifically assured there was no connection between Davy and the purchaser, even though this was not the case, counsel said. The O’Connell Partnership was formed specifically for the concealment of what was happening with the bonds, he said. There are no returns from that partnership and it is not known what they received but we do know that the overall profit was €9.3 million, he said.
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