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Eversheds is removing itself from a major piece of Irish litigation after its clients said they could no longer fund the firm’s costs.
Eversheds partners Dermot McEvoy and Neil O’Mahony have been acting for bankrupt businessman Sean Quinn and his family in High Court proceedings in Ireland. But on Monday the court will rule on an application by the firm to remove itself from the case, following an instruction from the Quinn family.
The Lawyer understands that the Quinns have confirmed to Eversheds that they have run out of money to pay the firm, and will be representing themselves going forward. Counsel are also being removed from the case, which has been led by Brian O’Moore SC according to media reports.
However Eversheds will represent Sean Quinn junior in Supreme Court proceedings in Ireland expected to kick off in October. Quinn junior is appealing against a prison sentence for contempt of court.
The Quinns are locked in a dispute with the Irish Bank Resolution Corporation, which was formed in 2011 when the Anglo-Irish Bank and the Irish Nationwide Building Society merged. The parties are fighting over €2.8bn (£2.3bn) in loans made to the Quinn’s property company by Anglo-Irish. Quinn senior was declared bankrupt in January this year.