RTESA sues over €19m Davy Property Fund investment

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

RTESA, the pension scheme for some current and former RTÉ employees, brought Commercial Court proceedings seeking redemption of its investment in the Davy Property Fund, a sub-fund of the Davy Property Trust. It claimed that more than €19 million remained under the defendants’ control. RTESA had served notice in November 2014 seeking to redeem its full investment.

RTESA alleged that Advance Fund Management Ltd and BNY Mellon Trust Company Ltd had wrongfully refused to redeem the investment in full as expeditiously as possible. Advance Fund Management was the trust’s manager and BNY Mellon Trust Company its trustee. RTESA also alleged breaches of contract, trust and fiduciary duty, the establishment of a new sub-fund to obtain control for the J&E Davy Group, and the withholding of trust deeds, documents and accounts.

On 6 March 2016, Mr Justice Brian McGovern agreed to transfer the case to the Commercial Court after Cian Ferriter SC, for RTESA, told him the parties consented to inclusion in its fast-track list. The proceedings were reported on 7 March 2016.