Multimillion pound claim against Levy & McRae over Heather Capital dropped
A claim worth millions of pounds against a Glasgow law firm linked to a collapsed hedge fund has been abandoned.
Paul Duffy, a liquidator with Ernst & Young, had brought a claim against Professor Peter Watson and Levy & McRae after the collapse of Heather Capital and allegations that £90 million had gone missing.
However, the action has now been dropped at the Court of Session.
Professor Watson, who formed PBW Law four years ago after leaving Levy & McRae welcomed the decision to abandon the litigation and grant decree of absolvitor.
He said: “I am very pleased that this action has been abandoned and I am looking forward to serving my clients now it is clear that there was no valid basis for this claim.”