Anglo Irish Overcharged Customers €1.2 Billion, Court Told

Anglo Irish Bank and its successor Irish Bank Resolution Corporation overcharged customers by an estimated $1.6 billion (€1.2 billion) and continued to overcharge since the Government liquidated the bank in February, a forensic banking specialist has claimed in a US court, the Irish Times reported. The expert witness made the claim in a legal challenge taken against IBRC’s application for bankruptcy protection in a court in Delaware by developer John Flynn and related parties who claim they were overcharged $11 million on loans of about $200 million with the bank. Mr Flynn, who is best known for his involvement in the redevelopment of part of Smithfield in Dublin and his shareholding in the Blackrock Clinic, the private Dublin hospital, has taken a separate lawsuit against IBRC in a New York court over the overcharging. IBRC, formerly Anglo, is seeking “Chapter 15” protection from creditors under US bankruptcy law that allows foreign companies to have overseas liquidations recognised by the American courts. Read more.