A dispute between the widow of builder Joe Cosgrave and his two brothers over the family construction group has been settled, the Commercial Court has heard.
Denise Cosgrave, whose husband Joe died at the age of 62 in 2022, had sued Michael and William Cosgrave and the Cosgrave companies who she claimed were allegedly opportunistically using her husband's death to take control of the group.
Her proceedings, against the two brothers Cosgrave group firms, Genstar Unlimited Co and JOM Investments Limited Company, were entered into the Commercial Court in June 2023.
The defendants denied her claims and they were satisfied they had acted in a proper manner.
The case went to mediation. On Monday, Bernard Dunleavy SC, for Mrs Cosgrave, told Mr Justice Denis McDonald the matter had been resolved in its entirety and his client was withdrawing her claim against the directors along with an order vacating costs orders made in the court to date.
Counsel read an agreed statement saying the parties were pleased to announce the case had been settled and it was a matter of "considerable relief" to all parties as the proceedings had been a source of considerable upset.
It also said the companies confirm Ms Cosgrave will be registered as a shareholder and she withdraws all claims made by her against Michael Cosgrave and William Cosgrave and the group's chief financial office in these proceedings and any related correspondence.
"She confirms that Michael and William have exercised theri powers as directors of the companies in good faith and for proper purposes and for the benefit of both companies and that the group's chief financial officer has at all times discharged her duties in the best interests of the companies".
Lyndon McCann, for the defendants, said he wanted to thank Mr Justice McDonald for his encouragement to the parties to seek a resolution.
The judge congratulated the parties and said it was the kind of case that should be resolved by mediation. He vacated a trial date that had been set down for next February.
In her proceedings, Mrs Cosgrave sought declarations that she is entitled to be registered as one-third shareholder, as her late husband was, in Genstar and JOM in her capacity as personal representative of her husband.
She also sought a declaration that the two brothers, who are the other shareholders and directors of the group, have acted arbitrarily and/or capriciously and/or perversely and/or irrationally in refusing to consider that her husband's will, along with a High Court order, was sufficient evidence of her entitlement to be registered as a shareholder of Genstar and JOM.
Ms Cosgrave is executor of the will, valued at €93m, left by her husband. He is survived by Ms Cosgrave and their two daughters, Kate and Laura.
