Full coverage: Davy

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.

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.

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.

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.

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”.

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.

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.

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?

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.

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.