London & Regional (L&R) is suing Lawrence Graham for almost £30m over a deal that it is claimed was bungled by Michael Fielding, the former partner who fled the country after allegedly taking £2m from L&R’s account.
The claim relates to L&R’s purchase of a property portfolio from airport operator TBI. One condition of the deal was that L& R could participate in TBI’s joint ventures in Cardiff and Belfast.
However TBI refused to carry out the joint venture. L&R took the airport operator to the Court of Appeal last year, but failed to get it to compel.
As a result L&R is suing Lawrence Graham for negligence and breach of contract. Lawrence Graham declined to comment, although it is believed the firm will vigorously defend the case.
L&R did not return The Lawyer’s call. Fielding could not be reached for comment.