A DISPUTE over a multimillion-euro joint venture agreement to build and operate two power plants to provide power at peak times has been settled, writes Mary Carolan.

Cardinal Asset Management (CAM), with registered offices in Ballsbridge, Dublin, and Nick Corcoran and Nigel McDermott of CAM, had claimed they were entitled to participate in the joint venture between Mountside Properties and GE Energy regarding the two peak power plants.

The joint venture is to be carried on through Greener Peaking and Mountside's interest in it has been valued at some €40 million.

The action was brought against Brian Keogh of Mountside and Mountside itself and was due to open yesterday before Mr Justice Peter Charleton in the Commercial Court - the big business division of the High Court - and to run for up to 12 days.

However, the judge was told yesterday morning the parties had settled the dispute.

Terms of settlement were handed into the court but no details were outlined.

The plaintiffs had claimed they were entitled to a two-thirds beneficial interest in Mountside on the basis of agreements allegedly reached after they participated with Mountside in another project, the Tynagh energy project in Co Galway.

Mr Corcoran and Mr McDermott claimed they had agreed with Mr Keogh that they would carry out certain business as partners and that the business would be carried on through CAM.

They claimed Mr Keogh had entered into a contract of employment with CAM in January 2006 and that the joint venture fell within the ambit of the alleged agreements.

The defendants denied the claims.

Mr Keogh had also said that, if the joint venture did not proceed, Mountside's losses will be some €10 million while the potential uplift for the company if the venture proceeds is estimated at some €40 million.