An oil tycoon is to sue his former lawyers and business partners in a legal action worth almost £600million. If successful, it would be the largest payout awarded in Scotland.
Aberdeen man Robert Kidd, 61, is seeking initial compensation of £175million, dating back to 2008, for a business deal involving his North Sea oil and gas drilling firm ITS Tubular Services. But the final payout could be about £580million once interest of eight per cent a year is added.
Kidd’s action is against Aberdeen law firm Ledingham Chalmers, US private equity house Lime Rock Partners and employees of both organisations.
