Property investors sue AIB over ‘misselling’

A retired Dublin property investor and his wife are suing AIB over the alleged misselling to them of financial derivatives in notional amounts of about €45m.

Robert Madden, aged 72, said he and his wife Rosaleen, aged 79, of Terenure Road East, Rathgar, built up a substantial porfolio over many years generally based on acquiring a property and paying down most or all of the loan before moving to another purchase. They initially focussed on residential property but later acquired commercial ones.

Mr Madden said that every loan taken out with AIB over their 40 years banking with it was based on variable interest rates and they had never asked AIB to fix interest rates concerning their indebtedness.