The former auditor of Anglo Irish Bank, the accountancy firm EY, has settled a €50 million legal action being brought against it over its handling of the so-called bed-and-breakfast loans the bank advanced to its former chairman Sean FitzPatrick.  The terms of the settlement are confidential, and EY has not admitted any liability in relation to the action. The case was initiated in 2012.  The firm has spent a multi-million euro figure in legal fees defending the action over the last 11 years.  It is not known what it has cost EY to settle the long-running case. Anglo began its…

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