Beatrice Healy, who invested in property deals assembled by Derek Quinlan, has begun legal action against the financier, alleging negligence, breach of contract and deceit among other matters.
Mrs Healy plans to state in her claim that she told Mr Quinlan to invest her savings of €445,000 conservatively as she wanted to ensure the future wellbeing of her son who has a disability.
She claims Mr Quinlan was familiar with her financial and personal circumstances as his business provided her with accountancy services, and they had spoken to each other.
Mr Quinlan, she claims, invested her money in high-risk commercial property in London and Eastern Europe which has led to her investment being wiped out entirely.
Mrs Healy alleges the type of investments Mr Quinlan’s business made were too risky to be suitable for the purpose of ensuring her son’s financial future. Mr Quinlan and related parties are expected to deny all allegations.
Mrs Healy is understood to have invested with Mr Quinlan in several tranches as she attempted not to lose control of her investments. Some of this money was invested over six years ago making it possible she has filed her claim too late under statute of limitation rules, but other funds were advanced more recently.
The case will be watched closely as it could be a test case for further actions by investors who lost heavily in syndicates assembled by Mr Quinlan and others.
Former partners
Her action is against both Mr Quinlan and the former partners of his business, which was then called Quinlan Private.
Solicitors for Mrs Healy first wrote to the businessman on August 22nd.
This letter claimed that she had suffered losses and damages as a result of breach of contract, misrepresentation and breach of duty in relation to her investments.
It asked him to consider acknowledging his alleged liability and to offer compensation rather than run up the cost of litigation.
On September 10th Mrs Healy's legal advisers Eames Solicitors lodged a plenary summons in the High Court against Mr Quinlan at an address in London's SW15.
Last night a spokesman for Mr Quinlan said: “As this has gone into a legal process it is not appropriate to comment.”
Mr Quinlan, a former tax inspector who went on to become a major property dealmaker, moved to Switzerland in 2009 with the onset of the financial crisis. He later relocated to London and Abu Dhabi.
When the property bubble burst Mr Quinlan and associated syndicates were the largest client of Nama.
He is planning to re-launch himself in business, with sources close to the financier linking him to a bid for the Dundrum Shopping Centre for €1 billion.
