2015-11-03 · Dublin
U2 star's proceedings against former accountant adjourned
In November 2015, the High Court adjourned proceedings involving U2 bassist Adam Clayton and former accountant Gaby Smyth. Clayton, who relied on Smyth for accounting and investment advice from 2001 to 2010, claims Smyth negligently advised him into high‑risk investments, resulting in losses exceeding €10 million. Smyth denies acting as Clayton's financial adviser, stating she was only his personal accountant and tax agent, and that his former assistant prepared his financial reports. Clayton's first case, opened in 2011, alleges €4.2 million in losses from two funds—€1.2 million in the Friends First Orion fund and €3 million in the Friends First Crystal fund—due to Smyth's failure to disclose a conflict of interest and a third‑party benefit. The second case, opened in 2013, seeks damages for €5.37 million in losses from a Romanian investment, €1.05 million from a 2008 Belgian investment, and €270,000 from a pharmaceutical company investment.