U2 bass guitarist Adam Clayton has settled his legal action against a bank and firm of accountants over alleged negligence and breach of contract arising from the misappropriation by his former personal assistant, Carol Hawkins, of substantial funds from his bank accounts.

Mr Clayton, Danesmoate Demesne, Kellystown Road, Rathfarnham, Dublin, had sued Bank of Ireland Private Banking Ltd and Gaby Smyth & Co, chartered accountants, Merrion Road, Ballsbridge, Dublin 4. He claimed €4.38 million damages and €4.8 million damages respectively against the defendants for alleged negligence and breach of contract.Both defendants denied liability.

Today Mr Justice Iarfhlaith O’Neill was told the action had been settled. No details were outlined.