A dispute involving a software company whose investors include U2 drummer Larry Mullen and British comedian John Bishop has been resolved, the Commercial Court was told.
Technology development firm BAK Holdings Ltd, which is registered in Malta, is an equal 42.5 per cent shareholder with Mr Bishop in a firm called Hears Technology.
Hears was set up to develop software products or apps to provide hearing tests via smartphones or other devices.
Mr Bishop and his son Joseph are directors in Hears while Brendan Morrissey, the owner of BAK, had also been a director of Hears. The other shareholders in Hears are Larry Mullen, Joseph Bishop and Portfolio Ltd.
Last September proceedings brought by Hears against BAK and Mr Morrissey were admitted to the Commercial Court.
It was claimed that Mr Morrissey had defrauded Hears of just over €1 million, which it is alleged was paid to BAK for software development services which were independently valued as being worth approximately €215,000.
It also alleged that a €548,000 credit for software services allegedly made available to Hears by BAK in consideration for shares in the plaintiff company was never actually provided.
BAK denied the claims. Mr Morrissey of the Pink House Kells, Co Kilkenny, who claimed he played "a central" and "pivotal" role in establishing and developing Hears, said all the payments made by Hears to BAK were legitimate.
He claimed the allegations against him were "false" and "trumped up". Separately, BAK brought proceedings against Hears claiming shareholder oppression.
Mr Morrissey, in that action, claimed John Bishop had set Hears on a course for "its dissolution and demise." He alleged the firm was damaged due to the "irrational, unfair, wholly unfounded and oppressive" actions of Mr Bishop.
Mr Bishop strongly denied those claims.
On Friday, the Commercial Court was told by Eoghan Cole BL, for Hears, that "happily this week a settlement was reached" in what was a case involving matters of considerable complexity and seriousness.
Mr Cole said related proceedings had also been resolved, and he was seeking that there be no order with liberty to re-enter the proceedings.
Padraig Lyons SC, instructed by solicitor Setanta Landers, for BAK, said his client was consenting to the application.
Mr Justice Denis McDonald said everyone was to be congratulated for resolving these and the related proceedings. He struck out the case with liberty to apply again if necessary.
