Developer settles NAMA legal action

THE legal action by developer David Daly and his family over the takeover of their €457 million loans by the National Assets Management Agency has settled, the Commercial Court was told yesterday.

No details of the settlement were disclosed.

Mr Justice Peter Kelly was told by lawyers for both sides the case would not be proceeding, had settled in full againstNAMA and had also settled against the other defendants — the state and Allied Irish Banks — except in relation to issues concerning legal costs. The costs bill are likely to be substantial.