Clayton sues bank and accountants for lost €4m

U2 GUITARIST Adam Clayton has sued his bankers and accountants for negligence arising from claims his former personal assistant Carol Hawkins misappropriated a total of €4.8 million from his bank accounts over five years up to November 2009.

Mr Clayton claims his accountants had assured him in September 2008 the sum misappropriated was about €13,585 when at that stage it was about €4.4m.

He also claims, after Ms Hawkins allegedly admitted misappropriating what she said was about €15,000 in September 2008 as a result of what she said was great stress from a marriage break-up, and as his accountants assured him it was €13,585, he had kept her in his employment but also instructed his accountants to ensure she would not have access to his accounts.

However, she had misappropriated a further €415,961 between October 2008 and November 2009 by means of laser cash withdrawals of €715.38 a day, it is alleged. Mr Clayton, Danesmoate Demesne, Kellystown Road, Rathfarnham, Dublin, is suing Bank of Ireland Private Banking Ltd and Gaby Smyth, Jill Percival and Pat Cleary, practicing as Gaby Smith & Co, chartered accountants, Merrion Road, Ballsbridge, Dublin 4.

Mr Clayton had brought earlier separate proceedings against Ms Hawkins, over the alleged misappropriation.

In the latest case, he is claiming €4.38m damages against the bank for alleged negligence, breach of duty and breach of contract and is claiming €4.8m damages against the accountants for negligence, breach of contract and negligent mis-statement arising from allegedly failing to detect the alleged extent of the misappropriation.

Had the defendants complied with their contractual duties to him, the misappropriation would have been prevented at the outset or at least at a much earlier stage such that he would not have suffered such substantial losses, Mr Clayton claims.