The bassist from internationally successful Irish band U2 has reportedly made a solo move to sue the group’s financial manager Gaby Smyth for negligence.
According to reports, founding member Adam Clayton has filed a professional negligence lawsuit against Gaby Smyth – also naming two other accountants in the legal documents – who has managed U2’s finances for a number of years. The allegation is that Smyth initiated the highly-publicised and controversial decision to relocate the band’s publishing company to Holland in 2007.
The move was apparently made to avoid paying high taxes in Ireland, but it led to long-lasting criticism of the band and its poverty-fighting frontman Bono. Despite the impact on the band as a whole, Adam Clayton is reportedly pursuing legal action without the rest of U2.
Both parties doubtless have financial support to cover the expected legal proceedings – Smythe’s professional indemnity insurance, if any, should cover legal costs and claims for professional negligence – but the outcome may spell disaster for the band. This is because Smythe has detailed knowledge of U2’s earnings and associated group finances, and all may be publicly revealed if the case goes to court.