AIB Taking a High Court case

bungaro said:
Basically the High Court is the final step you want to take and it can cost a lot of money. So to us the logical path was to go through all the steps recommended before lodging a case (i.e. file a complaint with AIB -> go through the Appeal Panel -> FSPO). The FSPO was free and if that was unsuccessful then the High Court was our final shot if people were still interested
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Given that you and a few others have done the hard yards since the very start, do you feel that from point zero where legal advise fell on the side of AIB, that things have changed to the point where legal advise would point in the opposite direction? Not withstanding the FSPO decision since the Courts wouldn't be judging that case, nor the CBI intervention on the 300, a new case would need to built solely on proving the existence of the prevailing rate.

We would happily contribute to a case but we personally are in bonus territory, our mortgage was only taken out after trackers were withdrawn, 3.2 was our saviour. I can't shake the opinion that a court would have to take that side of things into account were AIB to challenge.

The FSPO process had a certain confidentiality to it, but if AIB wanted to take any case to court, the plaintiff picked would want to be a strong individual who was comfortable to be in the public eye. Here we all have our usernames to post behind etc. I used to work in AIB and I will always remember one staff member taking a case against the bank for a bonus payment, which he won but he was vilified for it.

I dont doubt the bona fidaes of anyone saying they would contribute to the case but that isn't the same as putting your hand up to say I am the perfect candidate for a test case. I'm not trying to be negative or anything but the FSPO action had the Brendan factor as a quarter back. I dont know where that impetus/co-ordination would come from for a legal challenge, with all the best will in the world.

Maybe some legal council is weighing this up for a big reveal, €200k would be nothing to be sneezed at but the herding cats analogy is really relevant.
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Separately, I know you mentioned in another thread that once refunds came out there might be a mechanism whereby we could contribute something towards Brendan for all his efforts. I think that would be great if we could do something on that score if you had any ideas on same..
 
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Can count me in also. Would have to agree with Brendan, getting consensus from 200 + people would be next to impossible. Especially on something like this where deep rooted emotions are concerned. Whatever model was used the last time worked so perhaps that could be emulated?? And no idea if I’m way off the mark, but could Brendan be reimbursed from this collection if he agreed to another season as the quarter back??
 
Megafan said:
Given that you and a few others have done the hard yards since the very start, do you feel that from point zero where legal advise fell on the side of AIB, that things have changed to the point where legal advise would point in the opposite direction? Not withstanding the FSPO decision since the Courts wouldn't be judging that case, nor the CBI intervention on the 300, a new case would need to built solely on proving the existence of the prevailing rate.

We would happily contribute to a case but we personally are in bonus territory, our mortgage was only taken out after trackers were withdrawn, 3.2 was our saviour. I can't shake the opinion that a court would have to take that side of things into account were AIB to challenge.

The FSPO process had a certain confidentiality to it, but if AIB wanted to take any case to court, the plaintiff picked would want to be a strong individual who was comfortable to be in the public eye. Here we all have our usernames to post behind etc. I used to work in AIB and I will always remember one staff member taking a case against the bank for a bonus payment, which he won but he was vilified for it.

I dont doubt the bona fidaes of anyone saying they would contribute to the case but that isn't the same as putting your hand up to say I am the perfect candidate for a test case. I'm not trying to be negative or anything but the FSPO action had the Brendan factor as a quarter back. I dont know where that impetus/co-ordination would come from for a legal challenge, with all the best will in the world.

Maybe some legal council is weighing this up for a big reveal, €200k would be nothing to be sneezed at but the herding cats analogy is really relevant.
_________________

Separately, I know you mentioned in another thread that once refunds came out there might be a mechanism whereby we could contribute something towards Brendan for all his efforts. I think that would be great if we could do something on that score if you had any ideas on same..
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Fully agree with this. Also something I was thinking of - as the courts won't be taking the FSPO decision into account and are basically judging from the start is there a chance that they rule fully in AIBs favour not just on getting a tracker for the rest of the term but in relation to the whole thing and the write downs / rebates are clawed back??
 
Deeks1 said:
is there a chance that they rule fully in AIBs favour not just on getting a tracker for the rest of the term but in relation to the whole thing
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Absolutely. There is a small chance that the court would buy AIB's argument that because there was no prevailing rate, they could not offer it and therefore there was no breach of contract or that a breach of contract was unavoidable.

There is a bigger chance that the court would rule that there was a breach of contract but that the borrower suffered no loss because tracker rates would have been higher than the alternative rates offered or because the borrower might not have chosen the tracker rate.

While the nonsense of these arguments is clear to me, a good legal team on their side could outplay a poor legal team on our side and persuade a judge to take AIB's side.

Nothing is guaranteed in the courts.

Deeks1 said:
and the write downs / rebates are clawed back??
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No, that can't happen. They write downs and refunds will not be affected.

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Brendan Burgess said:
Absolutely. There is a small chance that the court would buy AIB's argument that because there was no prevailing rate, they could not offer it and therefore there was no breach of contract or that a breach of contract was unavoidable.

There is a bigger chance that the court would rule that there was a breach of contract but that the borrower suffered no loss because tracker rates would have been higher than the alternative rates offered or because the borrower might not have chosen the tracker rate.

While the nonsense of these arguments is clear to me, a good legal team on their side could outplay a poor legal team on our side and persuade a judge to take AIB's side.

Nothing is guaranteed in the courts.



No, that can't happen. They write downs and refunds will not be affected.

View attachment 4910
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Thanks Brendan
 
I'm not in the 5600 cohort, as I am lucky enough to be in the 300 cohort, but I would be happy to make a contribution to help out.
 
I’m happy to set up a gofundme page if people think that’s the best way to do this? And if so while I’m at it, I’m also happy to set up a separate gofundme page for anyone who’d like to give a contribution to Brendan for all his amazing work
 
tnegun said:
IMHO we should let the original group make the call on collecting funds etc, I know its difficult but just wait and see how they want to handle it. They got us this far and I'm happy to wait for their guidance.
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I’m completely happy to do this, I will go with whatever is best. I am also happy to help plan and organise in any way as I said in my original reply to Brendan’s suggestion that
“One of you needs to take the lead on this and coordinate a group approach”

We’re all fired up at the moment and I just don’t want to miss out on an opportunity to get serious traction on this.
 
Guys, hold off a while on both counts for a while.
Lainey82 said:
I’m completely happy to do this, I will go with whatever is best. I am also happy to help plan and organise in any way as I said in my original reply to Brendan’s suggestion that
“One of you needs to take the lead on this and coordinate a group approach”

We’re all fired up at the moment and I just don’t want to miss out on an opportunity to get serious traction on this.
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Its very, very important to plan this properly and not set up anything before a committee is done as otherwise trying to co-ordinate this will be impossible. Also before any collection of money the legal implications need to be vetted (like we did for the legal opinion and getting a disclaimer signed)
 
bungaro said:
Its very, very important to plan this properly and not set up anything before a committee is done as otherwise trying to co-ordinate this will be impossible. Also before any collection of money the legal implications need to be vetted (like we did for the legal opinion and getting a disclaimer signed)
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Yes you are completely right, I’m getting a bit ahead of myself Just want to help in anyway I can!
 
Hi
Im happy to contribute, I know 4 other people impacted but were not part of this group that would be happy to contribute going forward.
 
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