U2's Larry Mullen and his partner are suing their accountant for losses on over 11 million euro worth of investments.

The musician and Ann Acheson of Claremont Road, in Howth today failed to have their case against Gaby Smyth fast-tracked to the Commercial Court.

Mullen is suing his accountant and advisor Gaby Smyth over losses he made on over 11 million euro worth of investments between 2006 and 2009.

In legal papers the U2 drummer claims he and his partner Anne Acheson gave instructions that they wanted to adopt a conservative and low risk approach to investing.

They state that they put 3 million euro into a fund known as the European Hotel Fund having allegedly received advice from their accountant that it was a suitable investment with 'very little risk or downside'.

They claim this is contradicted by a memorandum prepared by Goodbody Stockbrokers which states 'this investment involves a high degree for risk'

The musician lost money and is suing his accountant for damages for alleged negligence and breach of duty.

Larry Mullen's lawyers today failed to have the case fast-tracked to the Commercial division of the High Court.