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Investors suing ACC over failure of bonds

MORE than 400 individuals who invested their money in a variety of 'Solid World' bonds and investment products are suing ACCBank over alleged failure to secure any return on their investments.

The Commercial Court heard that the vast majority of the investors -- 430 out of 432 -- took out loans with ACC to buy the bonds.

They are claiming losses arising from interest repayments on the loans. ACC has taken debt-recovery proceedings against 37 plaintiffs. Five plaintiffs had made complaints about the bonds to the Financial Services Ombudsman William Prasifka, above, but these were rejected.