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.

Developer David Daly and his children have been granted leave by the High Court to challenge the demand by the National Assets Management Agency (Nama) for them to repay €457m they owe Allied Irish Bank.

THE National Assets Management Agency (NAMA) has told the High Court it has “no current intention” to sell properties in Britain and Ireland of developer David Daly over which it has appointed receivers.