Investors to sue over losses on ACC bonds
A GROUP of investors who claim they have lost large sums of money on an ACC tracker bond said yesterday they are to sue the Dutch-owned bank in the High Court.
They invested money in ACC's Solid World Bond and now have enlisted the help of financial adviser Eddie Hobbs in an attempt to recover their losses.
Cork-based businessmen Kevin Cross and Tony Conway have appointed solicitors Lavelle Coleman to represent individuals in the group.
Mr Cross said: "High Court proceedings are being instituted as a matter of urgency as the bond matures in February. Investors in other series of Solid World Bond are also coming forward."
ACC, which is now owned by Rabobank, began selling the Solid World bond in 2003.
It is estimated €650m worth of these geared tracker bonds, which promised a capital guarantee and exposure to the stock markets, were sold.
ACC Bank said that the sale of its Solid World Bond products (which were capital guaranteed) complied with the rules and regulations governing such products at the time of their launch to the market.