Dispute over alleged loss of 8.3 million euros for pilots’ pension fund settled

A High Court dispute over an alleged loss of €8.3million to an airline pilots pension fund has been settled.

The Irish Airline Pilots pension fund had brought an action against its investment and pension trustee, alleging he suffered the loss as a result of his failure to collect his contributions in a timely manner.

The Irish Airline Pilots Pension DAC, the administrator of the pilots’ pension scheme, claimed that the failure of Mercer (Ireland) Ltd to implement a direction in respect of it in February 2020 in a timely manner resulted in a loss for the plan of 4.6 million euros at the end of this month. At the time the actual divestment was made, the loss was 8.3 million euros, it was claimed.

The lawsuit brought by the pension plan against Mercer related to alleged breach of contract, breach of duty and negligence.

Mercer strongly denies the allegations.

The case was due to be heard before Judge Denis McDonald in the High Court’s Fast-Track Commercial Division on Tuesday when the judge was told by James Doherty, for the Pilots’ Pension Fund, that the case had been resolved. He asked that it be adjourned for four weeks for mention.

The judge congratulated the parties and adjourned the case to next month for mention.

Dolores W. Simon