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Appeal brought against ruling that Belfry investment actions can proceed

Summary

An appeal has been lodged against a High Court ruling that cleared the way for more than 300 damages actions by investors who had invested in five Belfry Funds promoted by Allied Irish Bank and five directors of the Belfry Properties group, including Tony Kilduff and John Rockett. The High Court judge, Mr Justice Robert Haughton, held that while some elements of the claims are statute‑barred, the cases can proceed to full trial. The investors, who invested between €75,000 and €440,000 between 2002 and 2006, allege that the funds were promoted by the bank and the directors and that they suffered losses when the funds collapsed. They claim the defendants were negligent, breached contract and fiduciary duty. The defendants deny the allegations. The appeal is now before the Court of Appeal and will be heard early next month, with no stay on the High Court order.

Who, what, where, when and why

What: Report matter: Appeal brought against ruling that Belfry investment actions can proceed. Procedural stage: appeal

When:

• 2002 and 2006 Other
• 2017-06-26 Publication

Places mentioned

Topics

Stage Appeal

Read the original CNI report