Anglo trying to 'bleed Quinns dry', says counsel

Anglo Irish Bank is trying to “bleed dry” the family of bankrupt businessman Seán Quinn to prevent them exposing the “biggest corporate scandal in the history of the State”, the Commercial Court was told yesterday.

Even the dogs in the street know Anglo engaged in 'grotesquely illegal' conduct, advancing loans of more than €2.34 billion to prop up its shares and in deceiving its shareholders about their true value, Rossa Fanning SC, for the Quinns, said. Counsel was resisting the bank's application for an order requiring the family to provide security for costs - which could be as high as €1 million - of the bank discovering documents sought by the family in its legal action.