Damage actions involving 300 people who invested in property funds promoted by AIB admitted to fast track Commercial Court list
DAMAGES 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 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 Allied Irish Banks 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 Lt.
The claims are denied.
The matter came before Mr Justice Brian McGovern who agreed to have several cases brought by investors admitted to the Commercial Court list.
The bank has concerns about the manner in which the cases have been advanced, the court was told.
No statement of claim has been served and, the bank says, it has little or no insight into the claim being advanced other than what was contained in the plenary summons.
AIB wants the statement of claim to be served on it immediately.
It says more than 300 proceedings were issued by investors in August 2014.
Over 250 of those cases have been served by August 4, 2015.
The bank says the delay is difficult to understand and has not been properly explained.
Mr Justice McGovern adjourned the matter to next month.