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U2 star Adam Clayton sues ex-accountant for €10m

By Tim Healy

Published 16/10/2015

U2 bass guitarist Adam Clayton
U2 bass guitarist Adam Clayton

U2 bass guitarist Adam Clayton has sued his former accountant for more than €10m (£7.3m) losses, plus damages, as a result of several failed investments.

Mr Clayton alleges he relied on his accountant Gaby Smyth between 2001 and 2010 for financial and investment advice.

Clayton claims Mr Smyth negligently and in breach of duty advised him to enter high-risk investments when the musician did not want to do so.

Mr Smyth, of Wyvern, Killiney, Co Dublin, denies negligence or acting as Mr Clayton's financial and investment adviser.

He says he acted as the musician's personal accountant and tax agent although he sometimes gave his opinion on investments either entered into or contemplated by Mr Clayton.

Mr Clayton's first case, initiated in 2011, involves a claim for €4.2m (£3.1) losses allegedly suffered after he invested in two funds on Mr Smyth's advice. He invested €1.2m in the Friends First Orion fund, focusing on the UK and Northern Ireland, and €3m in the Friends First Crystal fund.

In the second case, initiated in 2013, Mr Clayton claims Mr Smyth has a liability for some €5.37m losses after he invested in the Timisorara Partnership in Romania. He also says Mr Smyth has a liability for €1.05m losses arising from an investment in a European Hotel Consortium in Belgium, and for some €270,000 arising from his investment in a pharmaceutical company.

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