Yup. You can often make good deals on these lenses, because people think the shutter is broken, because it doesn't seem to do anything. The lever has an open and a closed position, and as Barry says, you use the closed position with a cable or bulb release, depending on what kind of connection you have. My 14.5" Verito has a bulb and piston fitting, and I can get about 1/15 sec., pressing and releasing as quickly as possible
Studio Shutters are fairly easy to repair, as long as no parts are broken. If you have to disassemble the blades, take careful note of how they are assembled. There is one double leaf that closes the circle.