Investors’ damages action against AIB fast-tracked

A damages action involving almost 300 investors in property funds promoted by AIB has been admitted to the fast track Commercial Court list.

The investors are seeking damages for alleged negligence, breach of contract, breach of fiduciary duty, negligent mismanagement, and misrepresentation by AIB and other parties over the operation of several investment funds in relation to commercial property in the UK, known as the Belfry funds.

The court heard individuals invested anything between €50,000 and €200,000 in the funds between 2002 and 2006.