Irish 'Banks' Sued Over Failed Chicago Spire Project

By Ryan Boysen (February 27, 2018, 11:13 PM EST) -- The bitter fight over the long-stalled Chicago Spire took another turn on Tuesday, as the real estate magnate who broke ground on the tower but then lost control of it sued two "bad banks" set up by the Irish government for $1.2 billion, blaming their "malicious conduct" for killing the grandiose project.

In a lengthy and highly personal 60-page complaint, Irish developer Garrett Kelleher says the National Asset Management Agency and its National Asset Loan Management subsidiary scuttled the project through "sheer spite" toward Kelleher for "repeatedly demonstrating their incompetence."

In doing so, the government-sponsored bad banks deprived Chicago of "an...

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