Legal battle between developer Garrett Kelleher and Nama settled

The long-running legal battle between the National Assets Management Agency and former Chicago Spire developer Garrett Kelleher has settled on undisclosed terms.

Proceedings seeking a €46 million judgment against Mr Kelleher, which were expected to last four weeks, were due to open before Mr Justice Michael Twomey at the Commercial Court on Tuesday.

However, Mr Justice Robert Haughton was told last Friday a settlement had been reached.

William Abrahamson, for Nama, said the proceedings had settled and could be adjourned generally with liberty to re-enter.

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No details were given but it is understood the settlement embraces the entirety of the legal proceedings involving Nama and Mr Kelleher.

In proceedings initiated in 2014, National Assets Loan Management (NALM), a Nama company, sought judgment of €46 million from Mr Kelleher over guarantees on loans of some €350 million provided by Anglo Irish Bank for projects in Ireland and the US.

Abandoned project

Mr Kelleher and his company, Shelbourne North Water Street, were involved with the abandoned Chicago Spire project.

In opposing the NALM case, Mr Kelleher had said, given his “extensive co-operation” with the agency over years, he was assured he would not be pursued over the guarantees. He maintained the basis for enforcement was “trumped up”.

In March 2018, US lawyers representing Mr Kelleher filed a legal action against Nama claiming damages of €975 million alleging the agency destroyed the Chicago development “out of spite”.

It is understood that last Friday’s settlement addresses both the Irish and US proceedings.