U2’s Adam Clayton settles case against bank and firm of accountants

Legal action follows misappropriation of funds by personal assistant

U2 bass guitarist Adam Clayton has settled his legal action against a bank and firm of accountants over alleged negligence and breach of contract. Photograph: Alan Betson/The Irish Times

U2 bass guitarist Adam Clayton has settled his legal action against a bank and firm of accountants over alleged negligence and breach of contract. Photograph: Alan Betson/The Irish Times

 

U2 bass guitarist Adam Clayton has settled his legal action against a bank and firm of accountants over alleged negligence and breach of contract arising from the misappropriation by his former personal assistant of substantial funds from his bank accounts.

Carol Hawkins was jailed in July 2012 for seven years over stealing €2.8m of Mr Clayton’s money. She was convicted on 181 counts of theft from the bassist’s bank accounts over a four-year period.

When jailing Ms Hawkins, of Crannagh Road, Dublin 14, Judge Patrick McCartan said her crimes were “rooted in greed and nothing else”.

In separate High Court proceedings initiated in 2010, Mr Clayton, Danesmoate Demesne, Kellystown Road, Rathfarnham, Dublin, had sued Bank of Ireland Private Banking Ltd and Gaby Smyth & Co, chartered accountants, Merrion Road, Ballsbridge, Dublin 4.

He claimed €4.38 million damages and €4.8 million damages respectively against the defendants for alleged negligence and breach of contract arising from misappropriation by Ms Hawkins.

The High Court was previously told his claim related to the duties owed by bankers to their professional clients and his allegation he had employed a firm of accountants to monitor and reconcile his accounts.

Both defendants strongly denied liability.

Today, Mr Justice Iarfhlaith O’Neill was told the action had settled and could be struck out. No details of the settlement were outlined.