Blue Diamond Sports loses High Court injunction application

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court dismissed an injunction application by Blue Diamond Sports Ltd against Bank of Ireland on 23 November 2018.

The Dundalk-based money transfer business sought to stop the bank ending its banking relationship and closing its accounts. A related firm, Blue Diamond Sports No 2 Ltd, was also involved in the proceedings.

Mr Justice Senan Allen dismissed the application, finding the company had not made a strong case that the bank was not entitled to take steps to end the relationship.

The judge said the bank had reasonable grounds to believe Blue Diamond might have been involved in money laundering, while noting that it was not alleging the company had engaged in money laundering. Blue Diamond denied any such links.

Blue Diamond claimed the bank's decision was discriminatory, disproportionate, lacked objectivity and was unlawful.