28 Nov High Court action for €400,000 settled out of Court
Ellen O’Mahony, who lost more than €400,000 she invested in foreign properties, has resolved her High Court action against a financial advisor and two related companies.
She sued advisor Mr Thomas Connolly and two Castlebar based firms of which he is a director, estate agents Western Premier Properties Ltd trading as Premier Estates Maloney and financial services provider Morcon Financial Services Ltd trading as M&C Financial Services.
Mrs O’Mahony had sought advice from Mr Connolly from 2004 onwards and had invested in a property scheme in Germany. She invested €73,000 in that venture, which the court heard resulted in her getting her money back plus a profit of €22,000.
“Resolved to all parties satisfaction”
She was advised by Mr Connolly in 2007 and 2008 to invest in properties in Dubai and Portugal totalling €410,000, but claims the defendants misled her and misrepresented the true nature of the investments and failed to advise her about the levels of risk involved in property investments in those regions.
The defendants, all represented by Paul McGarry SC instructed by Paraic Ferry of Ferrys Solicitors, argued Mrs O’Mahony had not been misled nor was any undue pressure put on her to invest and was at all times fully aware of the risk involved with the investments she entered into.
They also claimed her action was statute barred and that there was an inordinate and unacceptable delay in bringing the action against them.
The case commenced before Mr Justice Donald Binchy on Tuesday November 21st, and adjourned for talks.
On Thursday 23rd November, Senior Counsel for Mrs O’Mahony told the court the case had been “resolved to all parties satisfaction” and the action could be “stuck out”.