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Olswang senior partner Si-mon Olswang is being sued for breach of trust, breach of duty and negligence amid claims he mishandled a trust fund.
The claimants - beneficiaries of the trust fund comprising nearly 250,000 shares - say Olswang's failure to make a decision over the sale of shares in 1991 caused them to suffer loss and are now seeking damages in the High Court.
The writ was issued in 1997 but the action has been tied up in a legal battle over whether Olswang could rely on trustee exemption clauses to exclude himself from liability.
However, the Court of Appeal has decided that the clauses do not protect him.
Barbara Hecht, senior partner of Hecht & Co, representing the claimants, says: "The way is now open for us to take the action further and prove the breaches in the High Court."