Could an Anglo shareholder sue Seanie?

I see in the papers that Seanie hasn’t been quizzed about his dealings at Anglo yet. Would it be possible for an Anglo Share holder (or ex-shareholder at this rate) to sue him for recklessness as a director of the company?

Directors are personally liable for mismanaging a company aren’t they? Fiduciary responsibility and all that.

I agree that laws were broken but I think that the lack of any legal challenge speaks volumes about the composition of Anglo’s shareholder base when the bank was nationalised. I suspect that the majority of shareholders were either Irish institutions or Irish individuals. Perhaps if some activist fund had been involved we would have an entertaining court case to watch.

Moreover, there is a obvious reluctance by the authorities to delve too deeply into this.

I suspect Anglo was the majority shareholder in Anglo…

You wouldn’t have to be a major shareholder, I think legally 1 single share would give you a case wouldn’t it?

One share ought to do it indeed. Unfortunately I know a lot of people with more than one share of Anglo.

It is puzzling. It is not as if the Irish are not a litigious bunch. Moreover, when I was home at Christmas people were baying for Seanie’s blood.

So we have lot of disgruntled shareholders living a country that is quite comfortable with using the law to extract compensation from individuals and organisations yet no one has tried to sue one of the most disliked figures in the country.

Is it because people are too ashamed to reveal how much money they lost?

If the shareholding was held as a CFD then does the CFD writer have any motivation to sue if they can recover their losses from the CFD holders?

A couple of hedge funds unsuccessfully challenged the UK government’s nationalisation of Northern Rock so there is a precedent for this type case.

Litigation is very expensive in Ireland and class actions are not possible.

Personally thought the auditors would be a reasonable target too. Doesn’t seem to be much appetite out there for a fight though.

Don’t think you’d pass much of a materiality test on that basis… Investing in Irish Bank shares shouldn’t give you cause for redress in any case, get you sectioned possibly but other than that…