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U2's Adam Clayton Sues Band's Financial Manager for 'Negligence'

U2's Adam ClaytonIt seems U2 can't catch a break. After the forced postponement of the band's tour due to Bono's back surgery, the Daily Mail reports that bassist Adam Clayton is suing the band's financial controller for alleged negligence. Gaby Smyth, who controls the band's money and knows the intricacies of the group's investments and holdings, and two other accountants in his firm are named in papers filed in Dublin's High Court.

According to the paper, the case may have its roots in money management issues that surfaced during Clayton's recent High Court case against Carol Hawkins, the bassist's former housekeeper, who allegedly defrauded him of up to €1.8million.

"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," a source close to Clayton told the paper. In advance of his case against Hawkins -- who supposedly used the money to go on a spending spree, which included the 2007 purchase of a $465,000 New York apartment among other luxuries -- U2's bassist hired auditing firm KPMG to review his finances.

The newspaper suggests that the legal war just might rip the biggest band in the world apart, as the notion of the bassist taking on Smyth in court threatens to expose every financial detail of the band and its related companies.

Smyth was responsible for moving the band's publishing company to Holland in 2007 in a move that save the band millions on royalties it would have otherwise paid under Irish tax law. That decision in Ireland led to heavy criticism of Bono, who took earnings out of his homeland while encouraging the country to aid in anti-poverty initiatives.

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doogowner

I love Adam Clayton's big bass sound. No one is better than him. I have been home in bed for three months with a failed surgery and am now facing more surgery. The only thing that cheers me up is to hear Adam play. I called my local radio station and asked the DJ whom I have been hanging with and listening to for the last sixteen years to play as much U2 as possible and I hear them at least once an hour now. I hope all that air time will bring Adam some cash form royalties. He is my dream guy. I can not believe he is not married. I would marry him and take good care of him in a heartbeat... Oh well... At least he is helping me get back on my feet... Good luck to you Adam.

September 23 2010 at 10:54 PM Report abuse rate up rate down Reply
susan weinrich

good for adam i always liked him best and i think he should sue the pants off his accountants.

June 16 2010 at 2:45 PM Report abuse rate up rate down Reply
Steffan Piper

They were handsomely paid for it and received quite a bit more from the advertising.

June 15 2010 at 12:02 PM Report abuse rate up rate down Reply
Ed

Ummm, I don't think so. No one does anything for nothing, especially a super group like U2. There was compensation somewhere. They are socially conscious but not stupid.

June 15 2010 at 12:21 AM Report abuse rate up rate down Reply