A High Court case over investor losses from collapsed UK property investment Belfry Funds has been adjourned for a week after a judge was told there has been "very considerable progress" in talks to resolve the matter.
John O'Donnell SC, for the investor in the lead case, 83-year-old Bernadette Goodwin, said since talks began on Tuesday "a more ambitious approach" had been adopted by the parties to resolve all 300 cases before the court, not just Mrs Goodwin's case. Should a resolution not be found within the week, the case will have to proceed, he said.
Mr Justice Brian O’Moore said it would be “a marvellous achievement” if all 300 cases were resolved and he was happy to put it back for a week. He gave the parties liberty to apply to him during the week should a resolution be reached sooner.
The case concerns investments of between €100,000 and €400,000 in the Belfry Funds which the investors allege were promoted between 2002 and 2006 by AIB and four directors of various companies in the Belfry Properties group. They included property investor Tony Kilduff, and a former head of AIB private banking, John Rockett.
Following collapse of the funds they initiated claims in August 2014 seeking damages on grounds including alleged negligence in the operation of the funds.
The defendants deny the claims.