18/04/2012
Elderly Couple Lose €1.25m In 'Celtic Tiger Tragedy'
An elderly couple who lost their entire €1.25m life savings in a failed investment have won the case against the accountant and financial adviser charged with looking after their investment.
Describing the case as a "Celtic Tiger tragedy", president of the High Court Mr Justice Nicholas Kearns said that negligence had led to the life savings of the Dillons, of south Co Dublin, becoming "utterly worthless".
Justice Kearns granted judgment for the €1.25m plus interest against auditor and accountant Paschal Bergin, of Bergin and Associates and Patrick Muldowney, a financial adviser who practised under the trading name Muldowney Financial Services, and Event Horizon Ltd, a property development company with offices at Ulysses House, Foley Street, Dublin.
Mr Justice Kearns said he had no hesitation in holding Mr Bergin and Mr Muldowney negligent, adding that he did not believe it was a deliberate attempt to defraud, but it was negligence of a high order and beyond contradiction.
The Dillons had brought the proceedings for the return of the investment money of €1.25m which had been lost after a housing development in the midlands failed.
(H)
Describing the case as a "Celtic Tiger tragedy", president of the High Court Mr Justice Nicholas Kearns said that negligence had led to the life savings of the Dillons, of south Co Dublin, becoming "utterly worthless".
Justice Kearns granted judgment for the €1.25m plus interest against auditor and accountant Paschal Bergin, of Bergin and Associates and Patrick Muldowney, a financial adviser who practised under the trading name Muldowney Financial Services, and Event Horizon Ltd, a property development company with offices at Ulysses House, Foley Street, Dublin.
Mr Justice Kearns said he had no hesitation in holding Mr Bergin and Mr Muldowney negligent, adding that he did not believe it was a deliberate attempt to defraud, but it was negligence of a high order and beyond contradiction.
The Dillons had brought the proceedings for the return of the investment money of €1.25m which had been lost after a housing development in the midlands failed.
(H)
Related Irish News Stories
Click here for the latest headlines.
26 February 2009
Call Centre Investment Lifts Financial Gloom
Although there was some bad news today for the Dublin-based Ulster Bank with massive losses recorded by its parent company, better tidings were being announced by the North's Enterprise Minister Arlene Foster.
Call Centre Investment Lifts Financial Gloom
Although there was some bad news today for the Dublin-based Ulster Bank with massive losses recorded by its parent company, better tidings were being announced by the North's Enterprise Minister Arlene Foster.
17 December 2019
Govt Accused Of Blocking Investment In Mental Health
The government has been accused of abusing the money message provision in order to block additional investment in mental health. Fianna Fáil Spokesperson on Mental Health James Browne made the criticism in response to a letter from the Minister for Health using the money message as an excuse not to proceed with his Mental Health Parity Bill 2017.
Govt Accused Of Blocking Investment In Mental Health
The government has been accused of abusing the money message provision in order to block additional investment in mental health. Fianna Fáil Spokesperson on Mental Health James Browne made the criticism in response to a letter from the Minister for Health using the money message as an excuse not to proceed with his Mental Health Parity Bill 2017.
29 November 2019
Ireland Reaffirms Commitment To European Space Programmes
The Minister of State for Training, Skills, Innovation, Research and Development, John Halligan, has reaffirmed Ireland's commitment to European space programmes.
Ireland Reaffirms Commitment To European Space Programmes
The Minister of State for Training, Skills, Innovation, Research and Development, John Halligan, has reaffirmed Ireland's commitment to European space programmes.
09 June 2017
New School Building Opened For Gaelscoil Philib Barún
The Minister for Education and Skills, Richard Bruton, has officially opened the new school building for Gaelscoil Philib Barún – a modern, state-of-the-art facility including eight classrooms, a general purpose room and ancillary accommodation.
New School Building Opened For Gaelscoil Philib Barún
The Minister for Education and Skills, Richard Bruton, has officially opened the new school building for Gaelscoil Philib Barún – a modern, state-of-the-art facility including eight classrooms, a general purpose room and ancillary accommodation.
25 May 2017
Ministers Visit European Investment Bank To Explore Funding Opportunities
The Minister for Finance Michael Noonan and the Minister for Public Expenditure and Reform, Paschal Donohoe, have visited the European Investment Bank to explore new funding opportunities for Irish infrastructure.
Ministers Visit European Investment Bank To Explore Funding Opportunities
The Minister for Finance Michael Noonan and the Minister for Public Expenditure and Reform, Paschal Donohoe, have visited the European Investment Bank to explore new funding opportunities for Irish infrastructure.
-
Ireland WeatherToday:A dry and bright start. However, it will turn wet and very windy during the day, strong to gale force southeasterly winds developing, severe gales around the Irish Sea coast by the end of the afternoon. Maximum temperature 15 °C.Tonight:Wet and very windy this evening, gusts of 50 to 60mph likely, reaching 70mph around the Irish Sea coast. Winds then turning into the southwest and easing. Minimum temperature 10 °C.