Bain is reportedly requesting £1.3 million worth of compensation from the club after being ousted following the takeover by Craig Whyte earlier in the year.
The statement from Rangers said, "In a week where the foxus should be on football, the conduct of Martin Bain, who always claimed to have the best interests of Rangers Football Club at heart, is truly astonishing and I am sure our supporters would agree."
The club have revealed that they have placed money aside to cover the costs of the court case should they be on the losing side.
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