Widow's action against financial advisor over €400k lost on foreign properties is resolved

A High Court action taken by a widow who lost over €400,000 on foreign property investments has been resolved to the satisfaction of all parties involved. Ellen O'Mahony had sued financial advisor Thomas Connolly and two Castlebar-based companies of which he is a director, Western Premier Properties Ltd and Morcon Financial Services Ltd, over alleged failures to properly advise her of investment risks in Dubai and Portugal properties. Ms O'Mahony claimed she was persuaded to invest following the sale of her late husband's public house in Castlebar in 2007, when she received €1.2 million. The defendants denied the allegations, arguing she was fully aware of the risks involved and that her action was statute barred. The case commenced before Mr Justice Donald Binchy on Tuesday and was adjourned for settlement discussions. On Thursday, counsel for Ms O'Mahony informed the court the matter had been resolved and the action was struck out.