Lawyers in High Court action over Belfry funds request more time for talks irishtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irishtimes.com Daily Mail and Mail on Sunday newspapers.
A Supreme Court ruling has cleared the way for investors to pursue key claims in their actions against AIB over losses sustained after investing in certain Belfry funds promoted by the bank.
In a significant judgment yesterday on preliminary issues in eight pathway cases in the litigation, the Supreme Court overturned a Court of Appeal (COA) finding that key aspects of the plaintiffs’ claims were statute barred – brought outside the relevant six year time limit.
Some 300 investors have sued over losses sustained after they put money into five Belfry Funds which invested in UK commercial property.
The investors say they invested sums between €100,000 and €400,000 in the funds which they allege were promoted between 2002 and 2006 by AIB and four directors of various companies in the Belfry Properties group, including property investor Tony Kilduff, and a former head of AIB private banking, John Rockett.