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.

Nama has reached settlement agreements pending formal High Court approval with property developers Johnny Ronan and Richard Barrett regarding outstanding matters relating to Treasury Holdings, which went into liquidation last year.

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.