Irish policyholders may have to pay the Quinn family’s legal costs if their action against Quinn Insurance is successful, the Irish Independent reports.
According to documents filed in Ireland’s High Court, Quinn Insurance’s buyers – US insurance group Liberty Mutual and Anglo Irish Bank – are exempt from certain future costs under the terms of the sale. The costs include legal actions by former employees.
Three of Quinn founder Sean Quinn’s children, Ciara, Sean Junior and Brenda have either initiated or are planning legal action against the insurer.
The costs of such actions would usually be settled from the assets of Quinn Insurance that are not being sold. However, the Irish Independent points out that as claims being left in the insurer already outstrip assets by €600m, the cost of legal actions will be paid by levying an additional charge on Irish policyholders.
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