Stagecoach founders win £18m legal battle
22nd July 2009
The founders of Stagecoach have won a £17.8 million court case against a London-based investment manager.
Brother and sister Brian Souter and Ann Gloag invested £5 million each with Nicholas Levene, former deputy chairman of Bramdean Asset Management.
The pair have successfully sued the businessman following claims that he failed to ensure profit payments were made to them after they instructed him to sell their shares in mining giant Xstrata and investment bank HSBC.
According to the Telegraph, High Court judge Mr Justice Teare ordered Mr Levene to pay a total of £8.9 million each plus £12,000 in legal costs.
Mr Levene told the newspaper: 'There was a misunderstanding about what profits were due.
'But that has been sorted out and paid. As far as I'm concerned this is not an issue.'
Mr Souter and Ms Gloag had an estimated value of £720 million in 2008 and ranked 113th on the Sunday Times Rich List for that year.