THREE partners at London firm Swepstone Walsh are suing former partner Ronald Pattison for compensation over a loan.
Pattison, who ceased to be a partner last October, is being sued for u26,685 with interest, an indemnity for the amount of an outstanding individual loan, and a declaration that he is liable to pay the three partners one third of the interest on the loan between January 1992 and July 1994.
A writ just issued at the High Court says Swepstone Walsh borrowed u140,000 for seven years from the Midland Bank in 1991, and agreed to lend partners Roderick Dadak, Phory Robertson and Ronald Pattison u46,667 each for their own personal use.
Each partner was to repay capital of u555.33 a month and one third of the interest, and by October 1994 Pattison, of Temple Chambers, Temple Avenue, London EC4, had made 34 capital repayments, the writ says.
However, it claims that in breach of the agreement he failed to pay any interest on the loan prior to July 1994, and had organised for the interest to be paid from the office account of Swepstone Walsh rather than from his own account.
It is alleged that because of his breach he is liable to pay one third of the interest on the loan between January 1992 and July 1994. Rather than seeking repayment of this sum, however, the claim is for it to be set off against his termination account.
The writ claims Pattison has also refused to repay capital and interest since last November.
It was issued by Dadak, Robertson and another partner, Patrick Stewart.