O’Flynns can sue equity fund for damages

The O’Flynn construction group has set out "a good arguable case" entitling it to pursue global private equity fund Blackstone over an alleged conspiracy to take over key companies in the Cork-based group, the Commercial Court ruled.

Yesterday, Mr Justice Brian McGovern dismissed a pre-trial application by the US-based parent Blackstone company, Blackstone Group, aimed at preventing developer brothers Michael and John O’Flynn and 82 of their companies suing it for damages.

The statement of claim alleged conspiracy and an affidavit from Michael O’Flynn had set out in sufficient detail the matters alleged to connect the US parent company with the alleged conspiracy, the judge said.