Wednesday, May 22, 2024

Bank of Ireland faces US lawsuit from insurance group over $67m loan

Must read

Everlake has accused the bank of ‘wilful misconduct’ by extending maturity date without its agreement

Bank of Ireland is being sued over a loan to a unit of Freedom Scientific. Photographer: Aidan Crawley/Bloomberg

Bank of Ireland has been accused of “wilful misconduct” in a US lawsuit where it is being sued by an insurance group that alongside the bank and others loaned more than $67m (€62m) to a company that makes technology products for use by people with vision impairments.

The insurance firm, Everlake Life Insurance, claims that Bank of Ireland decided to extend the maturity date of the loans to a unit of Freedom Scientific and postpone principal payments despite Everlake’s objections.

Latest article