LEGAL proceedings taken by Mercantile Credit Co of Ireland Ltd and an associate company, Highland Finance Ireland Ltd, against four defendants, have been settled, the High Court was told yesterday.
The hearing of the action, expected to last about eight weeks, had been set to start early last year but was adjourned several times. The finance company was alleging conspiracy to defraud it of some £9.5 million.
The defendants were Mr John Heelan, The Green, Cypress Downs, Templeogue, Dublin, stated to have been managing director of Mercantile Credit Co of Ireland Mr Joseph Kenny, a landowner and businessman, Fancroft, Roscrea, Co Tipperary Mr James F. O'Higgins, solicitor, Upper Baggot Street, Dublin and Portico Ltd, Upper Baggot Street, Dublin.
It was claimed that on dates between May 1988 and June 1990 Mr Heelan, Mr O'Higgins and Mr Kenny, acting either on their own behalf or on behalf of Portico Ltd, wrongfully and maliciously conspired and combined among themselves to defraud and injure Mercantile Credit and Highland Finance. The defence denied the claims.
Yesterday, Mr Adrian Hardiman SC, for Mercantile Credit and Highland Finance, told Mr Justice McCracken the matter had been settled. The only order required was to strike out the action and discharge all orders and undertakings between the parties.