A Swiss bank is to be paid more than £33 million in a settlement announced in the High Court in Dublin yesterday. Swiss Bank Corporation, of Basel, had sued a Dublin investment company, Cragnotti and Partners Financial Co Ltd, in an action which was listed to last for three to four days before the President of the High Court, Mr Justice Costello.

When the case was called yesterday morning, Mr Paul Sreenan SC, for the Swiss bank, said the case had been settled and that judgment could be entered on consent in favour of his client for £33,925,566.

The action followed a dispute over an agreement between the sides in 1994 under which, it was claimed, the bank had agreed to sell shares in a Luxembourg company to the Dublin company. The defence had denied the claim.

According to Companies Office records, Cragnotti and Partners is a financial investment firm with an address at 3 Burlington Road, Dublin.

It is understood that Cragnotti is a holding company which owns investments on behalf of international shareholders, but does not trade in Ireland.

The Companies Office listing for the company shows that the directors are resident in Brazil and Italy.