New York-based multinational Duff & Phelps has claimed it suffered loss of earnings as two of its employees were maliciously prosecuted over their role in the collapse and sale of Rangers.

David Whitehouse and Paul Clark, who had the job of managing the club’s finances in February 2012, have already won £21m in damages from the Crown Office as well as an apology for a “very serious failure in the system of prosecution” from the Lord Advocate. In total, £30 million has been paid out to settle claims made by a number of businessmen.

Now Duff & Phelps has launched its own legal action.

An individual close to the case told The Times: “I believed Duff & Phelps were suing for £60 million but the figure has gone up and up and is now closer to £120 million. Seemingly, the Crown Office want to negotiate and don’t want it to go to a hearing.”

Dean of Faculty, Roddy Dunlop QC, for Duff & Phelps, said: “The case is ongoing. It has been raised.” 

Another source said: “The [reputational] impact on the company has been a very significant one. It was a successful business with a significant turnover and, as a result, the impact could be measured in big numbers.”

A Crown Office spokesman said: “This case is active and accordingly we are unable to comment at this time.”