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Lawrence Graham is facing a claim of around £100,000 after being accused of professional negligence over advice it gave to a private client in 1997.
The claim is brought by businessman Roberto Rivera and company RR Bearer Ltd as a second claimant.
Rivera is suing the firm over advice given in relation to tax, trust and company matters - in particular the establishment of the company RR Bearer, and two settlements established under trust deeds governed by Guernsey laws.
Both Lawrence Graham and Rivera declined to comment further at this stage.