Nama will not seek damages over data use
The National Assets Management Agency has concluded its investigations into the alleged misappropriation of highly confidential data from the agency by a former executive, Enda Farrell. The agency has decided not to pursue him, at this stage, for damages, the Commercial Court has been told.
Nama has made a formal complaint about the matter to the Garda and yesterday secured orders allowing for variation of non-disclosure undertakings given by Mr Farrell to allow him provide information sought by the Garda.
Cian Ferriter SC, for Nama, sought a number of orders, on consent, following the completion of the agency’s investigation into the matter. Frank Callanan SC, for Mr Farrell and his wife Alison Kramer, consented to the orders.
Mr Ferriter said his side had obtained commitments from the recipients of the data concerning its preservation, non-use and confidentiality.
He sought and secured permanent injunctions on consent restraining Mr Farrell, his wife and all those with knowledge of the making of the orders, using or dealing with the information.
Mr Ferriter said Nama had also written to Mr Farrell’s solicitors saying it had decided it was not pursuing a damages claim at this juncture but was reserving its rights in that regard.
Mr Justice Peter Kelly made the orders and adjourned to next week an application for Nama’s costs against the defendants to allow Mr Callanan to take instructions.
The court was previously told Nama had identified 15 recipients of the information, all of whom were co-operating. Mr Farrell was continuing to co-operate with Nama and had provided helpful information, the court was also told.
Nama and the National Treasury Management Agency last September brought the proceedings against Mr Farrell and his wife Alison Kramer, an auditor in the Dublin office of Ernst & Young, arising from the alleged misappropriation of the information.
Inquiries are also being carried out by the Data Protection Commissioner and the Garda.
Mr Justice Kelly was previously told the investigations to date showed there was no material evidence of damage to Nama.