A court clash between the widow of builder Joe Cosgrave and her late husband’s brothers has been settled.
The parties have come to a “comprehensive and amicable settlement”, Mr Justice Denis McDonald of the Commercial Court was told when the case came before him on Monday.
As part of the settlement Denise Cosgrave, widow of the late Joe Cosgrave, is to be registered as a shareholder in key group companies Genstar and JOM Investments, the court was told.
In October, the judge had set a date for a hearing in February of next year after being told mediation efforts during the summer had not been successful. However, further talks have led to a settlement of a case that involved the publicity-shy owners of one of Ireland’s most successful building groups.
Ms Cosgrave alleged her two brothers-in-law, Michael and William, had been using her late husband’s death to take control of the construction and development group. Among other matters, she sought to be registered as a one-third shareholder of group companies Genstar and JOM Investments in her capacity as personal representative of her late husband, who was a one-third shareholder in both.
The defendants in the case – Michael and William Cosgrave, Genstar and JOM Investments – contested her claims and said they at all times acted properly and in the best interests of the Cosgrave Group.
Joe Cosgrave died in February 2022, at the age of 62, and left his interest in the Genstar group of companies to his wife. His estate had a net value of €93 million though he also held assets as a trustee.
Informing the court on Monday that the case had been settled, Ms Cosgrave’s representative, Bernard Dunleavy SC, instructed by Arthur Cox solicitors, said the parties were pleased to announce they had resolved their differences and wanted to make a short statement.
The settling of the case was “a matter of considerable relief to all parties where the proceedings have been a source of considerable upset”, he said.
“Denise Cosgrave unreservedly withdraws all the claims made by her against Michael Cosgrave and William Cosgrave and the group’s chief financial officer in these proceedings and any related correspondence.
“She confirms that Michael and William have exercised their powers as directors of the companies in good faith and for proper purpose 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 interest of the companies.”
Mr Justice McDonald said he was “really delighted” to hear the matter had been settled, congratulated the parties and their legal representatives, and struck out the proceedings with no orders as to costs. The companies were represented in the case by Hayes solicitors, and the brothers by Mason Hayes and Curran.
At the outset of Monday’s sittings, Brian Kennedy SC said he wanted to make a statement on behalf of his fellow practitioners as it was Mr Justice McDonald’s last day hearing the Monday Commercial Court list.
Congratulating the judge on his appointment to the Court of Appeal, Mr Kennedy said it was highly deserved. He praised the judge for the manner in which he had run the list since 2021, given the “huge amount of complex cases” it involved.
Mr Justice McDonald, having thanked Mr Kennedy for his kind words, said he was of the view that a judge did not deserve any thanks for “doing what a judge should do”.
He said the operation of the court required the input and collaboration of fellow judges, court staff and practitioners, without whom the court could not function. He had been “bowled over” by the high standard of practitioners’ work, which, he said, “makes the job of judge very easy.”
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