‘Others considering similar actions will draw strength from settlement’

ACC Bank has settled 500 cases of mis-selling after a test case taken by four investors who lost money on so-called ‘low-risk bonds,’ in what is seen as a watershed case for large actions in Ireland.

A spokesperson said: “ACC Bank welcomes the fact that the Commercial Court has unconditionally dismissed the claims of fraud which were made in the four cases being tried by the Commercial Court.”

At least one plaintiff suffered severe losses on an €11m investment on the Solid World Bonds sold by ACC Bank.