Couple claim they suffered significant loss due to alleged unsuitable investment advice
by Mary Carolan, Irish Times
U2 drummer Larry Mullen and his partner have sued their former accountants claiming they have suffered significant loss of more than €11 million due to alleged unsuitable investment advice.
The alleged advice related, among other matters, to a €3 million investment in a 'European hotel fund' and a €4.5 million loan for an investment in Romania, it is claimed.
In addition to at least €7 million investment losses, the couple claim they have incurred further significant liabilities related to loans issued in connection with the investments and bank funding costs.
The case relates to agreements dating from late 2000 under which Mr Mullen and his partner Ann Acheson allege they retained Gaby Smyth and Company accountants and/or Gaby Smyth as a sole trader in relation to their financial, taxation and investment affairs.