The London Daily News

The billion pound banking dynasty is taking on the Daily Mail in the High Court.

Nathaniel Rothschild is suing after a story claimed he fixed a meeting between Lord Peter Mandelson and a Russian oligarch.

Rothschild claims the story entitled:  "Exclusive: Mandelson, an oligarch and a £500m deal" accuses him of taking huge steps to ensure his friend (Lord Mandelson) attended a meeting between Oleg Deripaska and business executives from the United States.

He says the Daily Mail’s claims on 22 May this year, was defamatory, damaged his character and reputation and caused him considerable distress, embarrassment, and injured feelings.

London law firm Schillings are seeking “aggravated damages” as the story was the result of a “special investigation” and an injunction banning repartition of the allegations at the centre of his claim.

Rothschild says the paper made no effort to contact him and the paper failed to respond to his letter from July 1.

In the summer of 2009 there was controversy as Lord Mandelson stayed in a villa owned by Rothschild, despite in effect acting as Prime Minister during Gordon Brown's holiday absence.