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Former billionaire’s son seeks unclaimed bonuses from failed insurer

Former billionaire’s son seeks unclaimed bonuses from failed insurer

Former billionaire’s son seeks unclaimed bonuses from failed insurer The son of the former billionaire who founded one of the largest insurers in Ireland has filed a high court case against the company.
 
Irish businessman Seán Quinn’s son and namesake has taken the case against Quinn Insurance claiming unpaid bonuses, The Times reported.
 
According to the report, Quinn Jr lodged the complaint against the company on November 8 and retained Arthur McLean Solicitors for the case.
 
A previous director of Quinn Insurance, Quinn Jr is claiming the bonuses from the company despite the fact that the insurer collapsed with a massive deficit, The Times report noted.
 
Quinn Insurance went into administration in 2010 following huge losses and fines due to insurance regulation breaches in the previous years.
 
The company’s administrators said the final cost of the collapse was likely to be “near €1.2 billion”. In 2011, they sold the Quinn trading business to US insurer Liberty Mutual Group.
 
This was not the first time that Quinn Insurance received a lawsuit from Quinn Jr. According to The Times, he was awarded €95,000 in 2015 by an Employment Appeals Tribunal which discovered that he was fired from Quinn Insurance “under the cloak of redundancy.”
 
The tribunal said the insurer “acted with total disregard for Quinn Jr’s employment rights” as he was made redundant in August 2011 while on sick leave.
 
 
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