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His decision means the case will proceed in the normal High Court list.

“If you twist and turn away / If you tear yourself in two again” – ’Bad’ (U2) “That day changed my life,” says Bono, the lead vocalist of Irish rock group U2.

A further €1.2 million was invested in a property fund, the Orion property fund, managed by Liberty Asset Management, it is claimed.

That fund involved a high degree of risk and this was evident from an information memorandum prepared by Goodbody Stockbrokers and Pre Group in October 2007, the couple claim.

The memorandum stated the investment “involves a high degree of risk” and investors should ”be able to withstand the total loss of their investment” but the memorandum was not drawn to the couple’s attention, they claim.

Under those agreements, the defendants were to identity suitable investment opportunities in circumstances where the couple had advised on several occasions they had a conservative and low risk approach to investing, it is claimed.

Among various claims, the couple allege they were told in November 2007 that a fund known as the ‘European Hotel fund’ was suitable with “very little risk or downside”.

The claim is also for restitution or, alternatively, damages for unjust enrichment.

The action has been brought by Mr Mullen and Ms Acheson, with an address in Howth, Co Dublin, against Gaby Smyth and Company Accountants; Gaby Smyth as a partner in the firm and/or a sole trader carrying on business at Merrion Road, Ballsbridge; and Jill Percival and Pat Cleary, as alleged partners or former partners in Gaby Smyth and Co.

His parents are Brendan Robert ‘Bob’ Hewson and Iris Hewson (nee Rankin).

The couple already have one son, Norman, who is eight years older than the new arrival.

In addition to at least €7 million investment losses, the couple claim they have incurred further significant liabilities related to loans issued in connection with the investments and bank funding costs.

The case relates to agreements dating from late 2000 under which Mr Mullen and his partner Ann Acheson allege they retained Gaby Smyth and Company accountants and/or Gaby Smyth as a sole trader in relation to their financial, taxation and investment affairs.

Paul Gardiner SC, for the defendants, argued there had been culpable delay in progressing the case since it was initiated in late July 2013 while Mr Clarke argued delay arose from the failure to deliver a defence.

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