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

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

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

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

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

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

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 that, given his “extensive cooperation” with the agency over the years, he was assured he would not be pursued over the guarantees.

He maintained that the basis for enforcement was “trumped up”.

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

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

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