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ARTICLE · 28 MARCH 2014

Litigation Focus: Update On Recent Cases - March 2014

Arthur Cox
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This case relates to an appeal from the decision of the Financial Services Ombudsman ("FSO") to the High Court whereby the High Court found that the FSO had failed to offer the appellants a fair hearing and remitted the complaint back to the FSO.

IrelandLitigation, Mediation & Arbitration
Andrew Lenny
Andrew Lenny
Eve Mulconry
Eve Mulconry
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Smith & Anor v. Financial Services Ombudsman & Anor [2014] IEHC 40

This case relates to an appeal from the decision of the Financial Services Ombudsman ("FSO") to the High Court whereby the High Court found that the FSO had failed to offer the appellants a fair hearing and remitted the complaint back to the FSO.

The facts of the case were as follows:- the appellants were property investors who, on 7 March 2005, upon the alleged recommendation of Ulster Bank Ireland Limited (the "Bank"), participated in the Jubilee Consortium, a speculative group investment. The appellants subsequently suffered significant financial losses when the investments performed poorly.

The appellants' complaint to the FSO related to the advice and recommendation of the Bank in respect of the investment. A key issue in the complaint was the conflict between the evidence of the Bank and the appellants regarding the advice received from the Bank.

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