Adam Clayton goes to court
- Thread starter U2girl
- Start date
The friendliest place on the web for anyone that follows U2.
If you have answers, please help by responding to the unanswered posts.
If you have answers, please help by responding to the unanswered posts.
bono_212
Blue Crack Distributor
last unicorn
Blue Crack Addict
Wow, Adam likes some legal action recently. 
Is he bored?
Seriously, he seems to be acting as a single person, it's not the band. I hope he has good reason to do so. Obviously he doesn't feel he or U2 have anything to hide in regards to their finances, otherwise he wouldn't be doing this. I think the newspaper is being dramatic when it says it could "rip the band apart". I'm sure Adam wouldn't do anything that would threaten the band. Will be interesting to see where this is going and what has really happened. U2 have never been the guys who go around suing people, unlike many other stars.
Is he bored?Seriously, he seems to be acting as a single person, it's not the band. I hope he has good reason to do so. Obviously he doesn't feel he or U2 have anything to hide in regards to their finances, otherwise he wouldn't be doing this. I think the newspaper is being dramatic when it says it could "rip the band apart". I'm sure Adam wouldn't do anything that would threaten the band. Will be interesting to see where this is going and what has really happened. U2 have never been the guys who go around suing people, unlike many other stars.
blueeyedgirl
Rock n' Roll Doggie ALL ACCESS
What, he wasn't arrested again?? What a disappointment!
No spoken words
Blue Crack Supplier
The blue bus is callin' us
The blue bus is callin' us
Driver, where you takin' us
The blue bus is callin' us
Driver, where you takin' us
financeguy
ONE love, blood, life
Jeepers. This is a bit of a strange development isn't it?
Rob33
Rock n' Roll Doggie
wtf...
U2 bassist Adam Clayton sues band's moneyman for ?negligence? | Mail Online
Rock star: Adam Clayton is suing U2's financial controller Gaby Smyth for alleged negligence
U2 bassist Adam Clayton is launching a High Court legal war which could rip the world’s leading rock band apart, the Irish Mail on Sunday can reveal.
Clayton is suing the band’s financial mastermind Gaby Smyth for alleged negligence in a case that could see U2’s labyrinthine finances exposed before the world.
Dublin-based Smyth is often described as ‘financial controller’ of all U2 group companies and knows every detail of the band’s earnings.
He is also thought to have masterminded the highly controversial decision to avoid Irish taxes by moving the U2 publishing operation to Holland, which has a far lower rate of tax on royalties.
That decision, revealed by this newspaper three years ago, has led to furious and sustained criticism of the band – especially given the anti-poverty campaign of their currently injured frontman Bono.
The prospect of Clayton lining up in court against the band’s financial mastermind will alarm those who already fear that musical tensions, coupled with Bono’s crippling back injuries, threaten to tear the group apart after more than 30 years together.
It will be 50-year-old Clayton’s second High Court action in the space of six months.
In January, the High Court agreed to freeze the assets of Clayton’s former housekeeper, Carol Hawkins, after the court heard claims that she had defrauded him of up to €1.8million.
Now Clayton has lodged papers at the High Court signalling his intention to bring a negligence claim against Smyth and two other accountants – Jill Percival and Pat Cleary – in Smyth’s company.
u2
Legends: U2's Larry Mullen, The Edge and Bono
The papers, lodged by Clayton on June 4, confirm the plenary summons relates to alleged ‘negligence’. However, the detail of the claim is not yet known, as Clayton has until July 4 to issue formal summons to Smyth and his co-defendants.
It’s thought the case has its roots in issues brought to Clayton’s attention in his case against Carol Hawkins.
The ease with which his former housekeeper was allegedly able to take €1.8million from his accounts, taking €600 a day from his debit and credit cards for up to three years, alarmed Clayton.
The housekeeper allegedly used the money to go on a spending spree, which included the 2007 purchase of a $465,000 New York apartment, cars and jewellery, as well as living a rock star lifestyle far beyond her means.
At one stage, she was spending €900 a month maintaining racehorses.
A source close to Clayton said: ‘It would be unwise to assume that this case relates to the case against his housekeeper, but that’s not to say it has nothing to do with her.’
In preparation for the case against Mrs Hawkins, Clayton instructed two accountants, including Kieran Wallace of KPMG, to review his financial arrangements and all his personal accounts.
bono and clayton
Class act: Bono and Clayton perform in concert in Argentina, 2006
While it is not clear if his negligence claim against U2’s accountant relates to matters which arose in this review, the claim does concern investments made on the musician’s behalf, and professional advice offered by Gaby Smyth & Co. A fourth defendant in the case is Bank of Ireland Private Finance.
This branch of Bank of Ireland handles investments on behalf of high net worth individuals, offering 9 per cent annual returns on minimum investments of €250,000 or more.
Clayton has retained Gleeson McGrath Baldwin to act on his behalf against Smyth and the bank.
The managing partner at Gleeson McGrath Baldwin is Frank Murphy, an expert in commercial law, who specialises in media and entertainment contracts.
He was called as an ‘independent expert’ when celebrity chef Conrad Gallagher was sued by the Fitzwilliam Hotel over the alleged theft of paintings.
Mr Murphy’s evidence proved crucial in the case, casting doubt over whether the hotel actually owned the paintings at the centre of the case.
It was that evidence which ultimately helped secure an acquittal for Gallagher.
Murphy is overseeing Clayton’s case against U2’s accountant and Bank of Ireland, together with Geraldine Clarke, head of the firm’s litigation department and a former president of the Law Society.
In addition to Gaby Smyth and Bank of Ireland Private Banking, there are two other listed defendants.
Jill Percival and Pat Cleary are both accountants who work for Smyth, with the latter noted for his expertise in advising television and film industry executives about tax efficiency.
Smyth & Co. acts for Screen Producers Ireland as a tax adviser to producers and artists engaged in the visual arts.
Rock star: Adam Clayton is suing U2's financial controller Gaby Smyth for alleged negligence
U2 bassist Adam Clayton is launching a High Court legal war which could rip the world’s leading rock band apart, the Irish Mail on Sunday can reveal.
Clayton is suing the band’s financial mastermind Gaby Smyth for alleged negligence in a case that could see U2’s labyrinthine finances exposed before the world.
Dublin-based Smyth is often described as ‘financial controller’ of all U2 group companies and knows every detail of the band’s earnings.
He is also thought to have masterminded the highly controversial decision to avoid Irish taxes by moving the U2 publishing operation to Holland, which has a far lower rate of tax on royalties.
That decision, revealed by this newspaper three years ago, has led to furious and sustained criticism of the band – especially given the anti-poverty campaign of their currently injured frontman Bono.
The prospect of Clayton lining up in court against the band’s financial mastermind will alarm those who already fear that musical tensions, coupled with Bono’s crippling back injuries, threaten to tear the group apart after more than 30 years together.
It will be 50-year-old Clayton’s second High Court action in the space of six months.
In January, the High Court agreed to freeze the assets of Clayton’s former housekeeper, Carol Hawkins, after the court heard claims that she had defrauded him of up to €1.8million.
Now Clayton has lodged papers at the High Court signalling his intention to bring a negligence claim against Smyth and two other accountants – Jill Percival and Pat Cleary – in Smyth’s company.
u2
Legends: U2's Larry Mullen, The Edge and Bono
The papers, lodged by Clayton on June 4, confirm the plenary summons relates to alleged ‘negligence’. However, the detail of the claim is not yet known, as Clayton has until July 4 to issue formal summons to Smyth and his co-defendants.
It’s thought the case has its roots in issues brought to Clayton’s attention in his case against Carol Hawkins.
The ease with which his former housekeeper was allegedly able to take €1.8million from his accounts, taking €600 a day from his debit and credit cards for up to three years, alarmed Clayton.
The housekeeper allegedly used the money to go on a spending spree, which included the 2007 purchase of a $465,000 New York apartment, cars and jewellery, as well as living a rock star lifestyle far beyond her means.
At one stage, she was spending €900 a month maintaining racehorses.
A source close to Clayton said: ‘It would be unwise to assume that this case relates to the case against his housekeeper, but that’s not to say it has nothing to do with her.’
In preparation for the case against Mrs Hawkins, Clayton instructed two accountants, including Kieran Wallace of KPMG, to review his financial arrangements and all his personal accounts.
bono and clayton
Class act: Bono and Clayton perform in concert in Argentina, 2006
While it is not clear if his negligence claim against U2’s accountant relates to matters which arose in this review, the claim does concern investments made on the musician’s behalf, and professional advice offered by Gaby Smyth & Co. A fourth defendant in the case is Bank of Ireland Private Finance.
This branch of Bank of Ireland handles investments on behalf of high net worth individuals, offering 9 per cent annual returns on minimum investments of €250,000 or more.
Clayton has retained Gleeson McGrath Baldwin to act on his behalf against Smyth and the bank.
The managing partner at Gleeson McGrath Baldwin is Frank Murphy, an expert in commercial law, who specialises in media and entertainment contracts.
He was called as an ‘independent expert’ when celebrity chef Conrad Gallagher was sued by the Fitzwilliam Hotel over the alleged theft of paintings.
Mr Murphy’s evidence proved crucial in the case, casting doubt over whether the hotel actually owned the paintings at the centre of the case.
It was that evidence which ultimately helped secure an acquittal for Gallagher.
Murphy is overseeing Clayton’s case against U2’s accountant and Bank of Ireland, together with Geraldine Clarke, head of the firm’s litigation department and a former president of the Law Society.
In addition to Gaby Smyth and Bank of Ireland Private Banking, there are two other listed defendants.
Jill Percival and Pat Cleary are both accountants who work for Smyth, with the latter noted for his expertise in advising television and film industry executives about tax efficiency.
Smyth & Co. acts for Screen Producers Ireland as a tax adviser to producers and artists engaged in the visual arts.
Vlad n U 2
Blue Crack Addict
- Joined
- Jul 6, 2008
- Messages
- 28,386
Well it came from the 'Daily Mail', what did you expect?
Very very good point.
Here is the only other article about this, and it from the "Irish central" whatever that is, now i would still love to know what they are talking about when they say "mounting troubles"? what mounting troubles?
.......................................................................................................................
U2 bassist Adam Clayton is suing the band’s accountant Gaby Smyth for alleged negligence.
Smyth controls all of U2 group companies and is thought to have been behind the decision to move U2’s publishing operation to Holland in order to avoid Irish taxes. Given the band’s anti-poverty stance, this decision was highly controversial.
Clayton is bringing the negligence claim against Smyth and two accountants in Gaby Smyth & Co., Jill Percival and Pat Cleary. The Bank of Ireland Private Finance is a fourth defendant in the case. The claim concerns investments made on Clayton’s behalf and professional advice offered by Smyth’s company. The details of the claim are not yet known. Clayton has until July 4 to issue formal summons.
This is the second High Court action from Clayton in the past six months. In January, the court froze the assets of Carol Hawkins, Clayton’s former housekeeper, after claims that she defrauded him of up to $2.18 million.
Clayton had two accountants review his financial arrangement and personal accounts in preparation for the case against his housekeeper, but it is not clear if his claim against Smyth stems from this review.
Clayton’s move adds to the band’s already mounting troubles as Bono suffered a back injury that brought thier 360 tour to a halt.
.......................................................................................................................
U2 bassist Adam Clayton is suing the band’s accountant Gaby Smyth for alleged negligence.
Smyth controls all of U2 group companies and is thought to have been behind the decision to move U2’s publishing operation to Holland in order to avoid Irish taxes. Given the band’s anti-poverty stance, this decision was highly controversial.
Clayton is bringing the negligence claim against Smyth and two accountants in Gaby Smyth & Co., Jill Percival and Pat Cleary. The Bank of Ireland Private Finance is a fourth defendant in the case. The claim concerns investments made on Clayton’s behalf and professional advice offered by Smyth’s company. The details of the claim are not yet known. Clayton has until July 4 to issue formal summons.
This is the second High Court action from Clayton in the past six months. In January, the court froze the assets of Carol Hawkins, Clayton’s former housekeeper, after claims that she defrauded him of up to $2.18 million.
Clayton had two accountants review his financial arrangement and personal accounts in preparation for the case against his housekeeper, but it is not clear if his claim against Smyth stems from this review.
Clayton’s move adds to the band’s already mounting troubles as Bono suffered a back injury that brought thier 360 tour to a halt.
Jeannieco
Rock n' Roll Doggie Band-aid
The Daily Mail=drama. Whatever with them. 
They are trying to sell newspapers obviously.
Adam has every right to take legal action if there is wrong doing, and I don't think he would do this if it wasn't necessary. Rip the band apart? I don't think so. They are brothers and family. You can't break them apart.
Maybe the rest of the guys think law suits aren't worth the invasion of privacy (if there were any shenanigans going on with their money) and Adam...as Bono says, frankly doesn't give a damn.
They are trying to sell newspapers obviously.Adam has every right to take legal action if there is wrong doing, and I don't think he would do this if it wasn't necessary. Rip the band apart? I don't think so. They are brothers and family. You can't break them apart.
Maybe the rest of the guys think law suits aren't worth the invasion of privacy (if there were any shenanigans going on with their money) and Adam...as Bono says, frankly doesn't give a damn.
I think they mean "mounting troubles" as in the postponement of the 3 leg and Glastonbury cancellation. Not that I think it's correct, but I think that's their dramatic spin on those events.
I take it Adam hasn't made the greatest portfolio investments of late. It's a tough market out there.
On 2nd thought, I wonder how much BP Adam was holding.
I take it Adam hasn't made the greatest portfolio investments of late. It's a tough market out there.
On 2nd thought, I wonder how much BP Adam was holding.
Last edited:
I think they mean "mounting troubles" as in the postponement of the 3 leg and Glastonbury cancellation. Not that I think it's correct, but I think that's their dramatic spin on those events.
I take it Adam hasn't made the greatest portfolio investments of late. It's a tough market out there.
On 2nd thought, I wonder how much BP Adam was holding.
It's okay. Adam did was smart investors do, and diversified his portfolio beyond the oil industry, electing to hold plenty of WaMu.
Although WaMu was probably too small for his portfolio. Citibank was more worthy a his stature.
Steved1998
Rock n' Roll Doggie
The Daily Fail
corianderstem
Blue Crack Distributor
So I'm guessing the bit about Adam actually suing this person must be true, but this ...
IT'S TEARING THEM APAAAAAART, LISA!!!!!!
IT'S TEARING THEM APAAAAAART, LISA!!!!!!
corianderstem
Blue Crack Distributor
In tuxedos! 
last unicorn
Blue Crack Addict
"musical tensions" ... "tearing the band apart" ... 
Both papers are tabloids, they just love to put a dramatic spin on things.
Both papers are tabloids, they just love to put a dramatic spin on things.
financeguy
ONE love, blood, life
The Daily Mail is a notoriously hysterical source for sure, but a member of U2 taking the decision to sue the band's own accountants, in an individual capacity, is pretty big news I would have thought.
corianderstem
Blue Crack Distributor
I think so, too. I'm kind of waiting to see what another source has to say, and I'm sure there will be less eye-rolling and more discussion at that point.
And you really belive he wont have spoke to the rest of the band about it?
corianderstem
Blue Crack Distributor
Did the article say he hadn't? (Serious question, not snark, as I didn't read the whole thing.)
Maybe I'm naive about how crappy the Daily Mail is, but they couldn't just completely make it up, right?
Maybe I'm naive about how crappy the Daily Mail is, but they couldn't just completely make it up, right?
The Daily mail have been known to make quite alot of things up, mainly sports stories but still.
Similar threads
