Belfast Telegraph

Anglo Tapes court row begins in US

Anglo Tapes that could prove its directors knew customers were overcharged by a staggering €500m (£418m) are being sought in a US court, as part of a legal action against the bank.

The massive overcharging is alleged to have gone on for over a decade at Anglo Irish Bank, from 1990 to 2004, the Delaware court was told.

If the bank is shown to have defrauded customers, it could throw into doubt the effort to liquidate Anglo by selling off its remaining loans to investors.

The request for "discovery" of new Anglo Tapes, plus minutes from Anglo Irish Bank board meetings and other files and documents, was made to the Bankruptcy Court in the US state by banking expert Eddie Fitzpatrick. A forensic examination of 270 Anglo Irish Bank business loans showed overcharging by the bank in every single case, the court was told.

Belfast Telegraph