Bank Loan Default – Judgment – Alleged Undue Influence
In this case the plaintiff in was seeking judgment against the defendant for €135,980 on foot of two credit agreements. The plaintiff in the second proceedings was seeking damages against the bank and two senior bank officials and claimed that the second credit agreement was made because of alleged undue influence or duress exerted by bank officials who sought to conceal alleged wrongs in their dealings with two company accounts and that the bank failed to give any adequate notice of the freezing or closure of the accounts causing the plaintiff to lose his investment in both companies.
Held, defendant was a very experienced businessman involved in extensive property deals and investments throughout his career and was not under any duress or intimidatory behaviour by bank officials. The bank was entitled to recover the amount claimed. In the second set of proceedings it was held that there was no evidence that any misrepresentation or negligent misstatement was made by the bank to the plaintiff in respect of the second credit agreement. Judgment was granted to the bank and the counterclaim and damages claim in the second set of proceedings were dismissed.