Investors plan legal action against ACC

INVESTORS who bought into €650 million bonds sold by ACC Bank are to initiate a group legal action against the bank to recover losses of up to €160m and seek damages.

The ad hoc group have been brought together by Cork-based businessmen Kevin Cross and Tony Conway, who have appointed Lavelle Coleman Solicitors to represent individuals in the group.

Mr Cross told the Irish Examiner that he and Mr Conway placed an advertisement in the Sunday Business Post two weeks ago seeking out other disenchanted investors in the ACC SolidWorld tracker bonds series 4 and 5, sold in 2004 and 2005.