Courts / Ireland / Report
RTE pension fund brings action to redeem investment
Summary
In March 2016 RTESA, the pension fund for certain RTE employees, filed a lawsuit in the High Court against Advance Fund Management Ltd and BNY Mellon Trust Company Ltd. The claim seeks to redeem RTESA's more than €19 million investment in the Davy Property Fund, a sub‑fund of the Davy Property Trust. RTESA alleges the defendants wrongfully withheld full repayment, established a new sub‑fund to gain control for the J&E Davy Group, and withheld trust documents. The court case was admitted to the big business division and the parties agreed to fast‑track commercial proceedings. RTESA requests orders for full redemption by 30 June 2016, damages for fees charged since November 2014, and declarations that the defendants breached trust, contract and statutory duties, and that Advance Fund Management created a conflict of interest and acted for its own benefit.
Who, what, where, when and why
What: Report matter: RTE pension fund brings action to redeem investment. Procedural stage: hearing_or_decision
When:
- January 2014 Hearing Or Sentence
- November 2014 Other
- June 30th 2016 Hearing Or Sentence
- 2016-03-07 Publication
Why: RTESA says the defendants established a new sub-fund in the trust in order to obtain de-facto control of the trust for the J&E Davy Group. CNI source report
Places mentioned
- High Court
Topics
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