Gayle Killilea Dunne has asserted, through her lawyer, that she may sue NAMA in the US or Ireland if she is successful in the current case before the courts in Connecticut.

Lawyers for the former developer Sean Dunne, and his wife Gayle Killilea Dunne have been arguing in court in the US that NAMA has no right to pursue them for the proceeds of the purchase of an apartment in Switzerland more than three years ago.

NAMA has accused Mr Dunne of fraudulently transferring assets to his wife.

She says there is no substance to the claim and has warned she may counter sue.

Mrs Dunne arrived in the court in Connecticut amid the argument over whether the judge in the case has the right to hear at least part of it.

The Dunnes say that the court in America has no business delving into the private affairs of an Irish couple, who bought an apartment in Geneva in Switzerland.

But lawyers for NAMA say there is a substantial fraud involved.

They say they are owed €185m by Mr Dunne and he has been fraudulently transferring assets to his wife in a number of different countries

Separately, Gayle Killilea Dunne issued a statement through her lawyers condemning the NAMA action.

Her lawyer was happy to be recorded but did not want to appear on camera.

The judge listened to the arguments and will issue her judgement in due course. She will only be adjudicating on a small part of this case, which grows is scope at every hearing.