The owners of London’s former Olympic stadium have settled their professional negligence dispute with the magic circle firm Allen & Overy.

London Legacy Development Corporation (LDDC) and E20 Stadium brought the claim against the firm over advice given in 2013 when West Ham United Football Club was confirmed as the main tenant of the stadium.

Following the concession agreement signed in 2013, a series of legal disputes followed between the owners and the club over the contract that governed the club’s 99-year lease.

In a joint statement released today, the parties said: ‘E20 Stadium LLP, London Legacy Development Corporation and Allen & Overy LLP have reached a resolution of the litigation between the parties concerning the March 2013 WHU concession agreement. The terms of the settlement are confidential.’

The owners had reportedly claimed for £12m in the case brought two years ago. They alleged that the concession agreement cost them tens of thousands of pounds in lost revenue per season, and that they had a responsibility to protect taxpayers’ interests.

Allen & Overy said the claim was entirely without merit and would be defended vigorously.