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Duff & Phelps took over the administration of the Rangers (Image: SNS Group)

Duff & Phelps, a global consultancy that took over the administration of Rangers Football Club, is prosecuting a £ 120 million lawsuit against the Scottish Crown Office for reputational damage, according to a report.

The New York-based company says it lost significant revenue after two of its employees were wrongly arrested in a 2012 prosecutor’s “malicious” investigation into the Ibrox club’s takeover.

David Whitehouse and Paul Clark have already been paid £ 10.5 million in damages after being arrested in 2014 following a police raid on Duff & Phelps offices. The charges against her were later dropped.

Earlier this week, former Rangers chairman Charles Green accepted an out-of-court settlement for £ 6.39 million for being wrongly prosecuted as well.

Duff & Phelps has taken its own legal action with a formal request for tens of millions.

A source told the Times, “I believed Duff & Phelps were suing £ 60 million, but the number has increased and is now closer to £ 120 million.

“Apparently the Crown Office wants to negotiate and not go to a hearing.”

Roddy Dunlop QC, who worked for Duff & Phelps, confirmed that the company was aiming for a “substantial amount”. He told the Times, “The case is on. It was raised. “

Another legal source told the newspaper the company wanted tens of millions of pounds and said, “The impact on the company has been very significant. It was a successful business with significant sales and as a result the impact could be measured in large numbers. “

A spokesman for the Crown Office said: “This case is active and we cannot comment on it at this time.”