Oil tycoon takes £350m lawsuit to Scots courts in biggest single payout battle

An oil tycoon will go to court next week to seek the biggest single payout in Scottish legal history.

Aberdonian Kidd, 63, is seeking initial compensation of £150million, dating back to 2008, for a business deal involving his North Sea oil and gas drilling firm ITS Tubular Services. But the final payout could be almost £350million once interest of eight per cent a year is added.His action is against Aberdeen law firm Ledingham Chalmers, US private equity house Lime Rock Partners and employees of both organisations.

The legal dispute centres on a deal that saw Kidd sell Lime Rock a £34.5million stake in ITS. He retained a majority shareholding but in 2013 the firm went into administration with debts of about £145million. In 2021 Kidd also received a separate settlement from Glasgow lawyers Levy & McRae, which represented him in the case against Burness Paull, after claiming he had been over-billed. The firm charged him £6million in fees. He sued for £3million but it was settled out of court.

Source: Law Daily Report (lawdailyreport.net)

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