The High Court of Ireland will hear evidence from 2010 to the present day in a series of lawsuits involving Web Summit, a major technology conference. The cases center around shareholder disputes and allegations of minority shareholder oppression.
The High Court will hear evidence spanning from 2010 to the present day when the trial of various cases involving Web Summit gets underway next spring, a judge has been told. The five actions will be “extremely evidence heavy”, while arguments about legal principles will be more limited, said Kelley Smith, senior counsel for Daire Hickey, a 7 per cent shareholder in the tech events firm.
Ms Smith said there is a “long history” between the three Web Summit co-founders – chief executive Paddy Cosgrave, her client and David Kelly, who owns a 12 per cent stake in the firm – whose business story dates back to 2010 but whose friendships were formed even earlier. She said her client’s complaints alleging minority shareholder oppression by Web Summit and Mr Cosgrave, who owns an 81 per cent share, relate to matters “right up to the present day”. Ms Smith, instructed by Dentons solicitors, made the submissions in trying to persuade the High Court’s Mr Justice Michael Twomey to arrange for Mr Hickey’s and Mr Kelly’s separate shareholder oppression claims to be heard ahead of a case by Web Summit and Mr Cosgrave alleging Mr Kelly breached his fiduciary duties as a director of the company.Ms Smith submitted it does not make sense for the court to hear Mr Cosgrave’s case first, as it focuses on the year 2021, so the court would be hearing “part of the end of the story first”. “To understand the relationship of all of the parties and the context, it seems to us that surely the court needs to understand the timeline from when it starts, and that is from 2010 in terms of the business relationship,” she said. Mr Cosgrave’s case could be dealt with at the end of the trial, she submitted
Web Summit Shareholder Disputes Legal Battle High Court Ireland
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