Business Irish

Thursday 30 March 2017

300 Belfry fund cases taken against AIB

The court heard that individuals invested sums of between €50,000 and €200,000 in the funds between 2002 and 2006.
The court heard that individuals invested sums of between €50,000 and €200,000 in the funds between 2002 and 2006.

Tim Healy

Legal actions involving almost 300 people who invested in property funds promoted by AIB have been admitted to the fast track Commercial Court list.

The investors are seeking damages for alleged negligence, breach of contract, breach of fiduciary duty, negligent mismanagement and misrepresentation by AIB and other parties. It is over the operation of several investment funds in relation to commercial property in the UK known as the Belfry funds.

The court heard that individuals invested sums of between €50,000 and €200,000 in the funds between 2002 and 2006.

The investors' actions are against various parties including AIB Plc, five companies known as Belfry Properties Plc, and their directors, including property investor Tony Kilduff and former head of AIB private banking John Rockett.

The action is also against other related companies including Tullamona Ltd, Leyally Ltd, Monsal Ltd, and Essex Trust.

The claims are denied.

Mr Justice Brian McGovern agreed to have several cases admitted to the Commercial Court list and adjourned the matter to next month.

Irish Independent

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