The Financial Times will today attempt to "strike out" the bulk of a record £240m "special damages" claim filed against it by Collins Stewart Tullett as part of the investment banking firm's libel action against the newspaper. Lawyers for the newspaper will ask a High Court judge to dismiss the most substantial element of the claim that relates to alleged damage suffered by the company as a result of movements in the Collins Stewart share price after an article was published in the FT last year.

They will tell Mr Justice Tugendhat there are no reasonable grounds for bringing the claim and that it is not properly arguable in law. They will argue that Collins Stewart Tullett, a corporate entity, cannot claim losses based on the performance of its share price.