U2 drummer Larry Mullen and his partner Ann Acheson claim they have lost more than €11m as a result of what they claim is a failure by their accountancy firm to advise them properly about investment funds.
The Commercial Court today refused to fast track a legal action by Mr Mullen and Ms Acheson against Gaby Smyth and Company, accountant Gaby Smyth and two other members of the firm, Jill Percival and Pat Cleary.
The court heard Ms Percival and Mr Cleary say they had nothing to do with the advice given to Mr Mullen and Ms Acheson.
Mr Justice Brian McGovern refused to admit the case to the Commercial Court because of a delay in making the application by Mr Mullen's lawyers and a lack of explanation for that delay.
Mr Mullen began the action against Gaby Smyth and Company in July 2013.
The court heard that the company acted as accountants, advisers and managers in relation to the couple's financial, taxation and investment affairs.
The court heard that Gaby Smyth and Company agreed to provide services, including the identification of investment opportunities and the provision of advice in relation to these opportunities.
Mr Mullen said it was a fundamental term of the agreements that Gaby Smyth would take all necessary and appropriate steps to protect their financial interests, having regard to Mr Mullen's conservative and low-risk approach to investing.
Mr Mullen and Ms Acheson claim Gaby Smyth and Company breached these agreements and they have suffered significant loss, damage and expense as a result.
They claim the funds were described to them as being "suitable" for them to invest in, but they say they involved a high degree of risk and were not suitable for them.
They claim they lost more than €3m in an investment in a European Hotel Fund.
They also invested and lost €500,000 in a property in Timisoara in Romania and obtained a loan for more than €4m with two other people from Ulster Bank in relation to this investment.
They claim they lost more than €4m in two further property fund investments.
U2's bass guitarist Adam Clayton took separate legal proceedings against the accountancy firm.
Mr Clayton sued Gaby Smyth and Company and Bank of Ireland private banking over alleged negligence and breach of contract arising from the misappropriation by his former personal assistant Carol Hawkins of substantial sums of money from his bank accounts.
Those proceedings were settled last year.
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