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The Abacus directors, in their capacity as directors of Jersey company Baltic Partners, are being sued by Gamlestaden Fastigheter AB for 93 million deutschemarks (£32m) which the Swedish company claims it has lost as a result of an alleged breach of duty.
The current proceedings were struck out by the Royal Court in 2004 because of the length of time that had elapsed and this decision was upheld by the Court of Appeal, but in April this year was reversed by the Privy Council.
In court last month, Abacus - which is now part of the Royal Bank of Canada Group - and director Michael David de Figueiredo applied for an order to prevent law firm Appleby from representing Gamlestaden.
They did so on the basis that Appleby - formerly Bailhache Labesse - had acted for Abacus in an unrelated case, but that the law firm had been privy to confidential information which might now become relevant.
Published 17/08/07
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