Solicitor to receive damages over Anglo Irish Bank misstatement and misrepresentation
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Solicitor John Spencer will receive damages from the former Anglo Irish Bank for negligent misstatement and misrepresentation in statements made to him, the Court of Appeal has ruled.
Mr Spencer invested €1 million into the planned redevelopment of Whitgift Shopping Centre in Croydon, London in 2005.
He expected a 220 per cent return on investment, however, The Irish Times reports, his equity totalled zero by 2010.
He brought the case against a Irish Bank Resolution Corporation (IBRC) and Stapleford Finance Ltd, which bought a relevant loan.
Mr Justice Gerard Hogan, overturning a previous decision by the High Court, found that the bank’s conduct had serious consequences for Mr Spencer, who could have avoided the losses otherwise.
The High Court will now determine the amount of damages.
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