[ad_1]
TWO brothers have resolved their actions before the High Court against a friend for an alleged lack of accountability or return of 1.25 million euros of the inheritance they gave him to invest in various projects.
Entrepreneurs Gary and David McGuinness filed a lawsuit against American David Morrisroe, who, according to them, did not return or answer their questions about the funds they gave him in 2015 and 2016. The funds were to be invested in Irish and European properties and gems .
They had claimed that the defendant had never made such investments, that Mr. Morrisroe had embezzled money from them.
Last October, the McGuinness brothers, represented by Stephen Byrne, obtained temporary injunctions, including a worldwide freeze order that prevented Mr. Morrisroe from trading their assets to reduce their value below 1.25 million euros.
They requested the orders out of fear that the defendant intended to dissipate the assets and put them out of reach of the brothers.
They had also requested orders ordering the defendant to return money they claimed was owed to them.
The allegations of wrongdoing were denied.
The matter returned to court on several occasions and was postponed to allow talks between the parties to take place, with the restrictions in place.
When the matter was raised today before Judge Leonie Reynolds, the court heard that the issues had been resolved, following out-of-court discussions between the representatives of the parties.
Byrne told the court that the process could be overturned, with no order on who should pay the legal costs of the action.
That matter could be brought back to court with a view to enforcing the terms of the agreement, the lawyer added.
Attorney General Gerald Kean, on behalf of Morrisroe, said the orders could be made with consent.
While the settlement agreement is confidential, the court has previously heard that, as part of the agreement, the siblings will receive a substantial payment from the defendant.
In October, the court heard that the McGuinness brothers viewed the defendant as a close friend, whom they had known for many years.
They claimed that they had sought the advice of Mr. Morrisroe on how to profit from the money they had inherited.
They claim that Morrisroe convinced them to invest in projects he was involved in, including land in Co Meath and properties in Dublin and Croatia, and to invest in diamonds.
They claimed that Morrisroe did not engage with them when asked for updates on their investments, that any information he provided was not true, and that he did not follow through on his promises to return the money.
Those alleged actions of the defendant led the brothers to seek freezing orders against Mr. Morrisroe.
Online editors
[ad_2]