More than 270 High Court cases over investor losses from the collapsed UK property investment Belfry Funds have been settled.
The settlement of all the cases, which is confidential, was announced before the High Court on Thursday morning.
The lead case in the actions, brought by 83-year-old investor Bernadette Goodwin, came before the court late last month, but was adjourned to allow out of court settlement talks take place.
When the matter returned before Mr Justice Brian O’Moore, John O Donnell SC, for Ms Goodwin, told the court the time afforded to the parties had been put to productive use and the case by Ms Goodwin, and all the other cases, had been resolved on confidential terms.
As part of the settlement, counsel asked the court to make various orders, including striking out all of the actions , with liberty to apply, and orders vacating all other cost orders made in previous related hearings.
On consent, the allegations of fraudulent concealment made against the defendants were being withdrawn, counsel said.
Promoted
The cases concerned 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, the investors initiated claims in August 2014 seeking damages on grounds including alleged negligence in the operation of the funds.
The defendants denied the claims.
The judge praised the parties and their advisers for their “extraordinary work” over the last few days that resulted in all the cases being settled.
The matters had been “hanging around the courts for so long”, he noted.
Had the cases proceeded, the hearing would have lasted until Halloween and it would be unlikely that a judgment, which would like all decisions be subject to appeal, would be available until 2022, he noted..
