The children of bankrupt former billionaire Sean Quinn reached a €440million settlement with a State bank yesterday.
Under the High Court settlement, the five siblings consented to judgment against them which works out at around €88million each.
However, a stay was put on the execution and registration of the judgment.
Conditions were not set out in court but it is believed they require them to take steps to help secure the return of valuable properties to IBRC, formerly Anglo Irish Bank.
Ciara, Colette, Brenda, Aoife and Sean Jnr had denied liability for around €415million under guarantees in relation to loans advanced by Anglo to Quinn companies.
They maintained they were put under undue influence by their father in relation to the guarantees.
The settlement talks began while the sides awaited a significant ruling from the judge to see if the Quinns could argue they were unduly influenced by their father to sign guarantees.
The judge’s refusal to allow them make that case, on grounds it was radically different from the claim they had pursued over eight years, was a major setback for them.
The settlement was announced to Justice Garrett Simons on the eleventh day of the case.
The family’s barrister Bernard Dunleavy yesterday told the court proceedings had been resolved adding his client were very grateful they could put the case behind them.
He said under the ruling, the Quinns’ claim could be struck out with no order for costs.
The court was told orders for €88,157,399 judgments were to be entered against each of the five Quinn children on consent with a stay on registration and execution on terms set out.
Sean Quinn's family used Quinn group as 'personal bank' and 'raided it for almost €2billion'
IBRC special liquidator Kieran Wallace was in court yesterday but none of the Quinns attended.
The Quinns started their action eight years ago as Anglo Irish Bank, owed around €2.89 billion by the Quinn group, moved to take over the group companies. IBRC, into which Anglo was nationalised following its collapse, brought a parallel action alleging a scheme to strip €455million
in assets from companies in the Quinn’s property group.
The full hearing of both actions were delayed over the years to allow for the conclusion of criminal cases against various former Anglo executives and officials.
The jailing last year of former Anglo chief David Drumm cleared the way for the family’s case to open on March 12.
Among those in court was solicitor Michael Staines, who had been keeping a watching brief for disgraced banker Drumm, whom the Quinns had sought to call to give evidence.
