A damages action involving more than three hundred investors around the country against AIB and arising from their investment in a number of so-called Belfry funds, has been admitted to the fast-track Commercial Court list.
The court heard individuals invested sums of between €50,000 and €200,000 in five Belfry companies involved in commercial property investment in the UK between 2002 and 2006.
The funds borrowed heavily to increase the level of investment and were then wiped out in the economic crash.
The investors are seeking damages for alleged negligence, breach of contract and other alleged failures against AIB and other named parties.
The application to have the matter fast-tracked was made by the bank which says it has concerns about the manner in which the cases are being advanced.
There are perhaps up to 2,000 additional Belfry fund investors waiting in the wings to see how this case proceeds before deciding on potential further legal action.
