Tagged in
    5 / 5 (1 votes)

    16:47pm 12th October 2017

    Watchstone Files Defence Against Slater & Gordon’s GBP637 Million Case

    LONDON (Alliance News) – Watchstone Group PLC late Thursday said it has filed its defence to the High Court regarding the claims from Slater & Gordon (UK) 1 Ltd concerning a breach of warranty and/or fraudulent misrepresentation.

    Slater & Gordon is seeking GBP637 million from the London-listed Watchstone, plus interest and damages. Watchstone provides technology and services, primarily to the insurance and automotive sectors.

    “As previously detailed, Watchstone is satisfied that Slater & Gordon’s claims are wholly without merit and the proceedings should never have been issued. Watchstone will defend these proceedings robustly,” said the company, with a further announcement expected “in due course”.

    Watchstone, formerly Quindell, is still resolving issues from the former business.

    In June the company was issued High Court proceedings by Slater & Gordon in relation to the Australian law firm’s purchase of the then-Quindell’s professional services arm. Slater & Gordon acquired the business back in March 2015, and not long after Quindell was placed under investigation by the UK SFO over past accounting practices, which remains ongoing.

    Slater & Gordon booked an AUD879.5 million impairment in its results for the year ended in June 2016 as a result of issues with the business.

    Watchstone shares closed up 6.7% on Thursday at 96.0 pence.

    By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

    Copyright 2017 Alliance News Limited. All Rights Reserved.