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Investors to sue ACC

A group of investors who bought €650m worth of tracker bonds are taking an action against banking giant ACC over claims they have lost large sums of money.

The group have been banded together by businessmen Kevin Cross and Tony Conway, who have appointed Lavelle Coleman Solicitors to represent individuals in the group.

The investors are planning on suing the Dutch-owned bank in the High Court.

Between 70 and 80 people have already made contact with the solicitors since the issue was first made public and are made up of accountants, lawyers and ex-ACC staff.

Financial guru Eddie Hobbs has also been consulted in relation to the issue.

ACC Bank said that the sale of its capital guaranteed SolidWorld Bond products complied with the rules and regulations governing such products at the time of their launch to the market.

Mr Cross said that in most cases investors were provided with massive loans -- one for €11m and others for €1m -- by ACC to invest in the ACC SolidWorld bonds.

ACC Bank plc is a wholly owned subsidiary of Dutch bank Rabobank and began selling the SolidWorld bond in 2003.

"High Court proceedings are being instituted as a matter of urgency as the bond matures in February," he said. "Investors in other series of SolidWorld Bond are also coming forward."