Shakeshaft drawn into legal claim

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The trustees of a Scottish investment syndicate have raised a legal claim for more than £460,000 against former and current members of its board over the backing of a Dundee door manufacturer.

Symphony Equity Investments alleges that the defendants, including former Archangel chief executive Peter Shakeshaft, breached a restriction which said they could not invest more than 
£1.1 million in a single company without obtaining written approval. The case in the Court of Session is before Lord Hodge who has asked the parties to consider his initial findings.