Courts / Ireland / Report

Web Summit founder tried to 'blackmail' former director into giving up shareholding, lawyers allege

Summary

In a High Court hearing, Web Summit co‑founder Paddy Cosgrave is accused by lawyers of attempting to blackmail former director Daire Hickey into surrendering his shares. The case involves a multi‑million‑euro dispute between Cosgrave and minority shareholders Hickey and David Kelly. Cosgrave is suing Kelly for alleged breach of duty, while Hickey and Kelly claim minority shareholder oppression and breach of a profit‑sharing agreement. Counsel for Cosgrave alleges that Kelly created a rival tech investment fund, whereas counsel for Hickey argues that Cosgrave spent company money to defend himself in these proceedings, with legal costs potentially reaching €7 million. The court heard that Cosgrave received a €1 million sign‑on bonus in April last year and that his remuneration increased dramatically during the period when Hickey was denied basic financial information. The case is scheduled to last nine weeks before Mr Justice Michael Twomey.

Who, what, where, when and why

What: Report matter: Web Summit founder tried to 'blackmail' former director into giving up shareholding, lawyers allege. Procedural stage: hearing_or_decision

When:

• October 2023 Other
• 2019 and 2021 Incident
• 2022 and 2023 Other
• 2025-03-19 Publication

Case subjects

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report