Pension Fund Dispute: Nolan Trustees’ appeal Dismissed
The Court of Appeal has rejected an appeal by the trustees of the Oaklands Property Funds pension trust, which was established for the benefit of 13 members of the Nolan family. The trustees had sought to overturn a High Court ruling that dismissed nearly all of their claims against their former solicitor, Ciaran Desmond, and their former financial adviser, John Millet. The trustees had alleged that nearly €7 million of their pension funds were misappropriated after being internationally transferred from an Irish bank account in 2013. Their former solicitor, Ciaran Desmond, admitted to negligence, breach of contract, and breach of fiduciary duty, resulting in a €6.9 million judgment against him. Though,the High Court found that the trustees’ claims against John Millet and two of his companies were largely unsubstantiated and dismissed them. The court also rejected allegations against three other men, Paul Kenny, Dillon Kenny, and Darren Kenny, who claim to be the beneficial owners of the former Nemo Rangers development land in Cork. The High Court judge, Mr. Justice Denis McDonald, found that the trustees “promoted an untrue story about the instability of Irish banks to mask their true intention” of using family pension funds to settle personal debts. He described their original explanation for transferring funds overseas as “utterly implausible.” In their appeal to the Court of Appeal,the trustees argued that Mr. Justice McDonald was wrong to deem Richard and Patricia Nolan unreliable witnesses and that he incorrectly concluded their intention in transferring the pension money was different from their evidence. Though, the Court of Appeal, presided over by Ms. Justice Niamh Hyland, wiht support from Mr. Justice Senan Allen and Ms. Justice Nuala Butler, dismissed all grounds of appeal. They found sufficient evidence to support the High Court’s findings and concluded that Mr. Justice McDonald was entitled to disbelieve Richard and Patricia Nolan’s testimony based on previous inconsistencies.## Pension Fund Appeal Rejected: Nolan Trustees face Setback
**Today, the Court of Appeal dealt a blow too the Nolan family, rejecting their appeal in an ongoing pension fund dispute.** The Trustees of the Oaklands Property Funds pension trust, established for 13 family members, had sought to overturn a High Court ruling. The ruling dismissed most of their claims against former solicitor Ciaran Desmond and financial advisor John Millet.
**While Desmond admitted to negligence and breach of fiduciary duty, resulting in a €6.9 million judgment against him, the High Court found issues with the Nolan trustees’ claims against Millet and his companies.** They also dismissed allegations against three other men involved in the case.
**Jr Reporter:** “Judge Justice Denis McDonald, when considering the case, expressed serious concerns about the Nolan trustees’ description for transferring nearly €7 million in pension funds offshore in 2013. He described their claims of Irish banking instability as ‘utterly implausible,” suggesting they aimed to conceal their true intention of using family pension funds for personal debt settlement.”
**This decision puts an end to the Nolan Trustees’ legal challenge, leaving them with a hefty financial burden and a damaged reputation. Further fallout from the case is expected as the Nolan family navigates the complex aftermath of this legal battle.**
## Pension Fund Dispute: Nolan Trustees Appeal Dismissed
**Q:** **Samantha Jones**, can you walk us through thelatest developments in the Nolan family pension fund dispute?
**A:** Certainly. The Court of Appeal has rejected the latest appeal by the trustees of the Oaklands Property Funds pension trust, which benefits 13 members of the Nolan family. This means the high Court’s original ruling stands.
**Q:** What were the trustees hoping to achieve with this appeal?
**A:** They were aiming to overturn a High Court decision that dismissed most of their claims against their former solicitor, Ciaran Desmond, and financial advisor John Millet. Essentially, they were hoping for a chance to recover the nearly €7 million in pension funds they believe were misappropriated in 2013.
**Q:** What did the high Court originally find?
**A:** The High Court found that while Ciaran Desmond admitted negligence,breach of contract,and breach of fiduciary duty,resulting in a €6.9 million judgment against him, the Nolan trustees’ claims against John Millet and his companies lacked substantiation.
The court also dismissed allegations against three other men involved in the case.
**Q:** Were there any specific concerns raised by the High Court Judge?
**A:** Yes, Judge Denis McDonald expressed serious reservations about the Nolan trustees’ description for transferring the pension funds offshore.He termed their story about Irish banking instability “utterly implausible”, suggesting it was a smokescreen to hide their true intent – using family pension funds to settle personal debts.
**Q:** What does this latest decision mean for the Nolan family?
**A:** It definitively ends their legal challenge and leaves them with a hefty financial burden and a perhaps tarnished reputation. The fallout from this case is highly likely to continue as they navigate the complex aftermath.
