CLOSED CASE - Last updated 24/07/2015
On 18 June 2001 the Central Bank of Ireland made a determination under the Investor Compensation Act, 1998 (the Act) that W & R Morrogh was unable to meet its obligations and appointed the Receiver of W & R Morrogh, Mr Tom Grace, as Administrator for the purposes of the Act. At the time, the ICCL wrote to over 9,000 clients of the firm and placed notices in daily national papers requesting claims from clients who had suffered losses. The closing date for receipt of applications was 20 December 2001. Over 2,600 claims were processed in respect of this firm.
The Receiver, Mr Tom Grace, having completed the receivership process, was formally discharged of his duties in respect of W&R Morrogh Stockbrokers by the High Court on 31 October 2014.
The Administrator certified each of the 2,634 claims that were submitted in respect of this case. The ICCL paid €7.8 million to claimants in respect of the certified claims.
High Court Details
Details on the High Court matters are available here.
Department of Finance Report of the W&R Morrogh Working Group
This report marks the completion of a review of the lessons which can be learned from the fall out from the W&R Morrrogh Stockbrokers failure. It makes a number of recommendations which the Minister for Finance believes will improve investor compensation arrangements and the management of liquidations/receiverships in the event of a future failure of an investment firm. For further information concerning the Department of Finance Report of the W&R Morrogh Working Group click here.