Magic circle firms Freshfields Bruckhaus Deringer and Herbert Smith Freehills have settled a claim from London Underground regarding advice given to the transport body.

The parties have agreed to end the litigation concerning legal advice that related to collapsed transport company Metronet’s borrowings under a public private partnership.

The original claim, for £142m, was issued by London Underground in the High Court in January 2011.

’All parties involved are pleased to have resolved this dispute without the need to go to trial,’ said Freshfieds and Herbert Smith in a statement. The firms said the terms of settlement were commercially confidential.