Courts / Ireland / Report
'Bitter' Web Summit case likened to divorce
2025-03-18
Hearing Or Decision
Summary
In a Commercial Court hearing, Paddy Cosgrave, chief executive of Web Summit, sued former director David Kelly for alleged disloyalty, claiming Kelly set up a rival tech investment fund while still a director, seeking over €10 million in damages. Kelly, a 12 percent shareholder in Manders Terrace, the holding company behind Web Summit, countersued Cosgrave and the company for shareholder oppression and breach of a profit‑sharing agreement. Mediation failed last week and both parties deny the allegations. Cosgrave's counsel described the dispute as a "bitter divorce" and alleged that Kelly's creation of a competing fund, "Semble", deprived Web Summit of the opportunity to capitalize on its earlier fund, Amaranthine. The case, which began today, is scheduled to continue for nine weeks.
Who, what, where, when and why
What: Report matter: 'Bitter' Web Summit case likened to divorce. Procedural stage: hearing_or_decision
When:
- March 2021 Hearing Or Sentence
- 2025-03-18 Publication
Case subjects
Applicant
Applicant
Places mentioned
- Manders Terrace
Topics
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