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.

The liquidators of Treasury Holdings are seeking to join with Nama in pursuing alegal action against the developer’s co-founders, John Ronan and Richard Barrett, aimed at unwinding a controversial €20m transaction.

Treasury Holdings and its owners Richard Barrett and John Ronan are being sued by Nama in a bid to reverse a controversial transaction where €20m shares were allegedly transferred out of the group to the benefit of Mr Barrett and Mr Ronan for €100,000 and unsecured loan notes.