A dispute over service charges for a number of Dublin city centre commercial and residential buildings has been settled, the Commercial Court has heard.

IEGP Management Company, which manages the Ivy Exchange, at Parnell Street, Dublin, sued JOM Investments Unlimited Company, a firm linked to the Cosgrave family of builders.

JOM denied the claim.

On Tuesday, Martin Hayden SC, for IEGP, said that following discussions on Monday, terms of settlement had been agreed.

Mr Justice Denis McDonald welcomed the settlement and adjourned the matter to later this month to implement its terms.

IEGP manages the five apartment blocks and the commercial premises at the Ivy Exchange. JOM owns two commercial units there, which are occupied by a supermarket and a bookstore.

IEGP said it increased service charges for the units in order to pay for the remediation of fire safety defects in the development. In 2018 IEGP brought separate proceedings, against parties including brothers Joseph, Michael and the late Peter Cosgrave over the alleged defects in the property.

The claims in those proceedings are also denied.

IEGP claimed that after implementing the service charge increase, it received only five percent of what it claims is owed by JOM. As a result, IEGP sought an order from the court requiring the defendant to pay the sum it claimed were due.

JOM denied the claim and said it was an attempt by IEGP to fund the legal costs of the separate 2018 proceedings.