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Full coverage: Davy

The Davy train rolls on: Court refuses strike out motion over bond sale saga

Developer Patrick Kearney's civil claim against Davy and its former employees has been cleared for trial. However, the High Court has found evidence of a "clear contradiction" in the businessman's pleadings that could have a significant bearing on his credibility.

Francesca Comyn
18th Jan, 2023 - 4 min read

Davy bond sale a “great deal” for Kearney, court hears

Lawyers for former Davy staff accused of making a "secret profit" at the expense of the Belfast developer Patrick Kearney claim the developer was under pressure to sell his Anglo bonds due to looming debts, including £300 million owed to Cerberus.

Francesca Comyn
20th May, 2022 - 2 min read

Ian Kehoe: A year on, has Davy really learned anything from the Anglo bond scandal?

Davy’s response to Patrick Kearney’s court action is informative. It issued its defence only after it was threatened with a judgement. It is arguing that the damning Central Bank report into the bond trade is not admissible, and that the report does not show it had a conflict of interest.

Ian Kehoe
15th Mar, 2022 - 6 min read

The Davy bond scandal: Court determines developer’s claims far from “wild or baseless assertions”

In a pre-trial ruling, the High Court has found Belfast born property developer Patrick Kearney does not have to provide further details to Davy of the serious claims contained in his highly contested “secret profit” damages suit against the broker.

Francesca Comyn
23rd Feb, 2022 - 4 min read

Davy’s bond scandal defence: “We struggle to understand the fraud that is alleged”

Nearly a year on from the Davy bond sale scandal, details are beginning to emerge of the stockbroker’s defence to claims it misled the Belfast developer Patrick Kearney and conspired against him to obtain a “secret profit and windfall”.

Francesca Comyn
16th Feb, 2022 - 4 min read

Frustration on Grafton Street: Foot Locker loses Covid rent row to Davy landlord

Today's decision goes against Foot Locker receiving a Covid-19 amnesty on rent arrears at its flagship Grafton Street store. It sets a strong marker about the direction the courts are going in when it comes to pandemic-related commercial rent disputes.

Francesca Comyn
1st Dec, 2021 - 5 min read

Brokers and bonuses: €300m share payments to staff exposed in new Davy disclosures

A holding company used by Davy senior staff to house their interests in the stockbroking firm has just made belated disclosures dating back 15 years. They reveal a previously unknown corporate strategy used by the broker to pay some senior staff in a tax-efficient manner.

Thomas Hubert
11th Aug, 2021 - 4 min read

Davy’s Brian McKiernan, revisionism and why new legislation about individual accountability really matters

The former Davy boss rightly argues that the Central Bank made no findings against individuals in the firm. But he neglects to mention that this was because of obsolete laws making it practically impossible. Will the government’s new legislation change the dynamic?

Ian Kehoe
28th Jul, 2021 - 4 min read

After selling the business in three deals, Davy shareholders are in for a giant payday (in 2024)

Davy looks to have maximised returns to shareholders by selling itself off in three parts. In the biggest deal, Bank of Ireland is to buy Davy's wealth management and capital markets business for €440m but retains strong protection against risk.

Sean Keyes
22nd Jul, 2021 - 7 min read

Davy’s former CEO could double his investment in the firm. And he is not alone. Here is how

Brian McKiernan and five other former executives are on the exclusive list of those who both benefited from the infamous deal that saw Davy fined €4m, and now stand to reap rewards from the resulting sale of the firm.

Thomas Hubert
6th Jul, 2021 - 4 min read
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