Souter and Gloag in £4.9m action

STAGECOACH tycoon Sir Brian Souter and his sister Ann Gloag are suing a law firm for £4.9 million after suffering losses in an investment scheme, it emerged yesterday.

The bus group founders have issued a writ against the lawyers who handled money lost by former City financier Nicholas “Beano” Levene. The siblings previously won £17.8m in damages from the former vice-chairman of Leyton Orient Football Club in 2009 after he failed to invest their cash in a £12.9 billion fundraising by HSBC.

Now they have filed a claim against Raymond Saul & Co alleging negligence and breach of contract for failing to ensure Levene made the investment.

Levene has been charged with 16 offences for investment fraud, but has denied the charges. Souter was unavailable for comment.