Permanent TSB shareholders are suing the Finance Minister over the bank's bailout
They are looking for damages as their stakes were diluted when the bank received a state bailout.
A GROUP OF shareholders of PTSB Group Holdings have commenced High Court proceedings against the Minister for Finance over the €4 billion recapitalisation of the bank almost six years ago.
In their action the 49 shareholders, including former Permanent TSB director Piotr Skoczylas, want the court to set aside directions orders obtained in the High Court by the Minister.
The orders were made in July 2011, when €2.7 billion of capital was injected into the company, and in March 2012 when another €1.3 billion was put into PTSB.
It is claimed by the shareholders that the effect of the recapitalisation great reduced the value of their shareholding to a nominal amount.
In their action the shareholders seek reliefs including a declaration that the orders were incompatible with various provisions of European law.
A Permanent TSB branch
Damages
The shareholders also seek damages for what they claim was negligence, breach of duty, breach of contract, breach of EU law and a breaches of their constitutional rights by the Minister.
They further seek, if necessary, to have issues relating to EU law raised in the court of their action referred to the Courts of Justice of the European Union for preliminary ruling.
The proceedings were lodged with the High Court in recent days. The statute of limitations to bring such a claim expires in July of this year.
The proceedings are the latest of a several related cases brought by shareholders in connection with PTSB’s recapitalisation which are pending before the courts.
