A dispute between Danske Bank and businessman Bernard Rocca over who is entitled to the proceeds of a €1.27 million life insurance policy of his late brother Patrick Rocca jnr has been settled.
At the High Court in Dublin yesterday, Ross Maguire SC, for Mr Rocca, told Mr Justice Paul Gilligan that all issues between the bank and his client had been resolved and the action could be dismissed. No details of the settlement were announced and outside the court lawyers for the parties said the agreement was confidential.
The judge agreed to strike out the action between Danske Bank and Mr Rocca. It also agreed to adjourn proceedings involving Hibernia Aviva, which was the holder of the policy.
Settlement
The settlement was announced to the judge on the fifth day of the action, following talks between the parties. The discussions began following the conclusion of Bernard Rocca’s cross-examination by Declan McGrath SC, for Danske Bank.
In his proceedings against the bank, Mr Rocca claimed he was the beneficiary of a Hibernia Aviva Life policy on Patrick Rocca, a high-profile developer who died in January 2009.
Danske Bank, trading as National Irish Bank, claimed it was entitled to the proceeds to pay off some €1.5 million still owed on a €3.85 million mortgage loan advanced to Patrick and his wife, Annette, in 2006.
The bank claimed Bernard Rocca in 2004 assigned the policy to Brentwood Properties Ltd, controlled by Patrick Rocca. It claims Brentwood’s shares were beneficially owned by Patrick and Accorp Properties Ltd while Accorp’s shares are owned by the estate of Patrick and his wife Annette.