Courts / Ireland / Report
Former PTSB chief settles action over severance pay
Summary
In a High Court case, former Permanent TSB chief executive David Guinane settled his action against the bank over the terms of his 2012 departure. Guinane had claimed entitlement to a severance payment of more than €866,000 under the bank's Voluntary Severance Scheme, but the bank had offered him €175,000 plus 11½ months' salary, which he refused. He alleged breach of contract, unfair procedures, damage to his reputation, and negligence, seeking damages including punitive and exemplary. PTSB, represented by Paul Gallagher SC, denied the claims and argued Guinane had received what he was entitled to. The case, opened before Justice Leonie Reynolds, was expected to last at least eight days but was settled and struck out before trial. No settlement details were disclosed in court. The dispute centred on whether the bank had complied with its duty to provide the full severance payment under the scheme.
Who, what, where, when and why
What: Report matter: Former PTSB chief settles action over severance pay. Procedural stage: hearing_or_decision
When:
- January 2012 Other
- 2016-12-06 Publication
Case subjects
Applicant
Places mentioned
- High Court
Topics
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