U2 drummer fails in bid to have legal proceedings against accountant fast-tracked

The court heard Larry Mullen claims he was not properly advised on some investments

U2 drummer fails in bid to have legal proceedings against accountant fast-tracked

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U2's Larry Mullen and his partner are suing their accountant for losses on more than €11 million worth of investments.

The musician and Ann Acheson of Claremont Road, in Howth today failed to have their case against Gaby Smyth fast-tracked to the Commercial Court.

The drummer is suing his accountant and advisor Gaby Smyth over losses he made on the investments between 2006 and 2009.

In legal papers Mr Mullen claims he and his partner Anne Acheson gave instructions that they wanted to adopt a conservative and low risk approach to investing.

They state that they put €3 million into a fund known as the European Hotel Fund having allegedly received advice from their accountant that it was a suitable investment with 'very little risk or downside'.

They claim this is contradicted by a memorandum prepared by Goodbody Stockbrokers which states 'this investment involves a high degree for risk'.

The musician lost money and is suing his accountant for damages for alleged negligence and breach of duty.

Larry Mullen's lawyers today failed to have the case fast-tracked to the Commercial division of the High Court.

Originally posted at 1:06pm