Anglo may sue Drumm over actions while chief executive

ANGLO IRISH Bank may sue its former chief executive David Drumm for actions he took during his time as chief executive.

The bank yesterday sought an emergency order from a court in Boston compelling Mr Drumm to attend and make a deposition tomorrow in the offices of the bank’s US attorneys.

Mr Drumm has filed for bankruptcy in Boston and Anglo, which says it is owed about €8.5 million from him, is his largest creditor.

In its submission seeking an order from the court compelling Mr Drumm to attend for deposition, Anglo’s attorneys said it likely had claims against Mr Drumm “for actions taken by him while he was the chief executive”.

The bank said it was having difficulty getting agreement on a date for a deposition from Mr Drumm.

It also said it was having difficulty getting Mr Drumm to hand over documents it said he was obliged to hand over. It said its Irish lawyers had already made arrangements to travel to the US due to an earlier understanding that Mr Drumm’s deposition would take place tomorrow.

Notice was given on January 19th that he should appear tomorrow. It was not until January 25th that counsel for Mr Drumm said they had another appointment on that date.

Mr Drumm said he could appear on February 11th and 14th. However the bank said it may want to file new claims against Mr Drumm arising from actions taken by him when he was chief executive. The cut-off date for doing so was February 14th.

It said it was necessary for the bank to take Mr Drumm’s deposition sufficiently in advance of February 14th to be in a position to file these additional claims.