More than 400 investors sue ACC for failure to deliver any return

MORE than 400 people who invested in various bonds and investment products are suing ACC Bank over alleged failure to secure any return on their investments, the Commercial Court has heard.

While the geared tracker bonds were capital guaranteed, the vast majority of the investors — 430 out of 432 — took out loans with ACC to buy the bonds and are claiming losses arising from interest repayments on the loans. ACC has taken debt recovery proceedings against 37 plaintiffs.

Maurice Collins, counsel for ACC, applied yesterday to have key issues in a representative number of the cases determined by the Commercial Court with the intention of having the court’s decision on those cases binding on most of the actions.