Quinn Insurance founder sues state for £3.6bn over loss of business

Quinn Insurance founder Sean Quinn’s family is suing the Irish state for €4.5bn (£3.6bn) to compensate it for loss of business, the Irish Times reports.

The lawsuit alleges illegal lending by Anglo Irish Bank, now known as the Irish Bank Resolution Corporation.

The family is also suing Ireland’s central bank, the country’s minister for finance and 10 former Anglo directors.

The Irish Times said the claims will be vigorously defended.  

Anglo Irish Bank took control of the Quinn Group, which included failed insurer Quinn Insurance, from the Quinn family in 2011.

The family claims it lost control of the group because Anglo “illegally” lent the group and other companies €2.34bn. Anglo has previously denied this claim.

The family also claims that the central bank was involved in a “conspiracy” with Ireland’s finance minister and the former Anglo board that allowed the alleged illegal lending to take place. This claim has also previously been contested.

The central bank told the Irish Times: “We will robustly be defending our position.”

A spokesman for the Department of Finance told the paper: “We will take whatever action is required.”