Monday 22 October 2018

Kelleher files $1.2bn claim against Nama

Ronald Quinlan

Ronald Quinlan

Developer Garrett Kelleher has filed a lawsuit in the United States seeking damages of $1.2bn against Nama, alleging that the agency destroyed his chances of building the Chicago Spire through a combination of "sheer spite" and "consistent incompetence" on the part of certain of its officials.

In a 60-page complaint lodged with the Federal District Court in Illinois last Monday, Kelleher's company, Shelbourne North Water Street Corporation, blames Nama for the project's demise, citing its refusal to support his plans for the Spire following the collapse of its principal funder, Anglo Irish Bank. Designed by Spanish architect Santiago Calatrava, the Chicago Spire was to have reached to a height of 2,000 feet making it the tallest residential building in the world.

Lawyers representing Kelleher say they expect a full trial of the developer's case to take place in 2019 following initial procedural hearings, discovery of documents, subpoenas and preparation of affidavits.

As part of its case, Shelbourne expects to subpoena several current and former Nama officials, including chairman Frank Daly, CEO Brendan McDonagh and former head of asset management John Mulcahy.

Sunday Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business