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Former Irish property tycoons begin legal battle with Ulster Bank

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  • 27/11/2014
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Former Irish property tycoons begin legal battle with Ulster Bank
Former Irish property tycoons John and Michael Taggart have begun a multi-million pound legal battle with the Ulster Bank at the High Court in Belfast.

According to a report on the BBC Website, the brothers from Co Derry are suing the bank for alleged negligence and improper conduct which they claim contributed to the downfall of their business. They are seeking tens of millions of pounds in compensation from the bank.

The Taggart Group was once one of Northern Ireland’s biggest companies with interests in the Republic of Ireland and England. The court was told that their property portfolio once extended to a Luxembourg shopping centre and luxury apartments in Florida and on the borders of Monte Carlo.

Following the property crash in 2007 the company eventually went into administration in 2008, costing creditors hundreds of millions of pounds.

The brothers claimed that the bank failed to warn them about concerns over the financial status of their business at the time. They said that if they had been made aware of the situation they would have acted and moved to sell off assets which could have been sold to off-set loans.

In a counter claim, Ulster Bank (part of RBS) has lodged writs for £5m and €4.3m it alleges the brothers owe in personal guarantees over land purchases in Kinsealy, north Co Dublin, and in Northern Ireland. The brothers deny both claims.

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