Davy, while acting as his agent in the sale to what he was assured was a third party, had in fact sold them to the “O’Connell Partnership” which was controlled by Davy, he claims. AffidavitMr Kearney, in an affidavit, says a year later he sued Davy claiming the bonds had been sold to the partnership at an undervalue. Mr Kearney says, had he known then what he knows now, he would have refused to compromise that case. DeclarationsIn his action, Mr Kearney seeks a declaration that the O’Connell Partnership was at all material times under the control of Davy in breach of loyalty and duty to him and his company. Martin Hayden SC, for Mr Kearney/Kilmona, said it was their intention to join certain Davy executives in the proceedings.

Source: The Irish Times May 10, 2021 16:29 UTC