Anglo drawn into new overcharging controversy

[slasher]

businesspost.ie/#!story/Home … 5422a238c5

The IBRC is currently weighing up an appeal in relation to the case, where the bank had sought a €31 million judgment against John Morrissey, a Dublin property developer and businessman.

The court found that the bank had been charging Morrissey interest based on 365 days in a year.

However, the terms of his loan document said the interest should only be charged on a 360 day year. The practice began in 2002 and continued until this year.

refunds for Anglo borrowers on the way?

[slasher]

@slasher

https://www.businesspost.ie/#!story/Home/News/Anglo+drawn+into+new+overcharging+controversy/id/e6aef0e5-5584-4883-b920-ae5422a238c5

The IBRC is currently weighing up an appeal in relation to the case, where the bank had sought a €31 million judgment against John Morrissey, a Dublin property developer and businessman.

The court found that the bank had been charging Morrissey interest based on 365 days in a year.

However, the terms of his loan document said the interest should only be charged on a 360 day year. The practice began in 2002 and continued until this year.

refunds for Anglo borrowers on the way?

maaaaaybe John Morrissey is a crank who doesn’t want to repay his loans?

irishexaminer.com/business/j … 68996.html

John Morrissey’s €36m case against the State dismissed

The High Court found John Morrissey’s case against the minister for finance, Ireland and the attorney general, alleging his constitutional rights were breached by the sale of his loans to an investment company, was “no longer maintainable”.

He had claimed the 2013 Irish Bank Resolution Corporation (IBRC) Act, allowing his loans from Anglo to be sold on without his consent, breached his constitutional and European convention rights.

The court previously struck out his case against IBRC, which was Anglo’s successor, and against the IBRC special liquidators as well as against LSREF III Stone Investments, which acquired Mr Morrissey’s loans. Ms Justice Caroline Costello had permitted his case against the State to remain pending determination of separate proceedings by LSREF seeking judgment against him.