Courts / Dublin / Report
Brothers resolve action against friend over €1.25m investment
Summary
Businessmen Gary and David McGuinness have resolved their High Court action against US-based David Morrisroe over an alleged €1.25m investment dispute. The brothers, represented by Stephen Byrne BL, had sued their friend for failing to account for or return inheritance funds given to him in 2015 and 2016 to invest in Irish and European property and precious gems. They alleged that no such investments were made and that Mr Morrisroe misappropriated the money. Last October, the court granted temporary injunctions, including a worldwide freezing order, to prevent Mr Morrisroe from dissipating assets below the €1.25m threshold. The defendant denied all allegations of wrongdoing. The matter returned before the court on several occasions and was adjourned to allow talks between the sides to take place, with the restraints remaining in place. When the case was mentioned before Ms Justice Leonie Reynolds on Friday, the court heard that the matters had been resolved following out-of-court discussions. Counsel for the applicants stated the proceedings could be struck out with no order as to costs, noting the matter could be re-entered to enforce settlement terms. Solicitor Gerald Kean, for Mr Morrisroe, confirmed the orders could be made on consent. While the agreement is confidential, the court previously heard the brothers are to receive a substantial payment from the defendant.
Who, what, where, when and why
What: Report matter: Brothers resolve action against friend over €1.25m investment. Procedural stage: hearing_or_decision
When:
- 2015 and 2016 Other
- 2020-12-11 Publication
Case subjects
Applicant
Outcome: The matter returned before the court on several occasions and was adjourned to allow talks between the sides take place, with the restraints remaining in place.
Applicant
Outcome: The matter returned before the court on several occasions and was adjourned to allow talks between the sides take place, with the restraints remaining in place.
Places mentioned
- High Court
Topics
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