Of course they can pay lawyers however much they want to put their case forward and lawyers will act on their behalf but I doubt the lawyers who are as highly qualified as hours will have told them that this is a baseless smear campaign and that they'll look fucking ridiculous because there's zero chance of winning and infact be ridiculed because it's no more than a fishing expedition, for them then still to proceed with the case anyway.
Masters/PL are obviously keen enough to run with it, I'd be amazed if that's with the knowledge from their own well regarded solicitors that it's got no chance as you suggest.