A High Court judge has approved a complex settlement of an action brought by Nama and others against Treasury Holdings’ co-founders Richard Barrett and John Ronan over a controversial €20m transaction involving the alleged transfer of shares out of the group at a significant undervalue.

Treasury Holdings’ co-founder Richard Barrett will get €5m cash “with no strings attached” under a proposed settlement of a legal action brought against him and co-founder John Ronan over a controversial €20m transaction, a High Court judge has noted.