This was always likely, wasn’t it?

The Australian law firm that bought Quindell’s legal business in a disastrous £637m deal has claimed that the controversial British company misled it over the prospects of the personal injury cases on the books.

Slater & Gordon was crippled by the ill-fated 2015 acquisition and earlier this month served Watchstone, as Quindell is now known, with a High Court claim seeking to recoup all of the money it spent.

Court documents obtained by The Telegraph show that central to Slater & Gordon’s lawsuit is an allegation that Quindell made fraudulent misrepresentations about the dilution rates at its so-called professional services division (PSD).

Dodgy, dodgy, all the way through.

7 comments on “This was always likely, wasn’t it?

  1. Anna Racoon has the story on numerous occasions.

    They came here hoping for a vast slice of false sex assault accusers cases looking to extract cash from the falsely accused.

    Their dreams of El Dorado have now vanished and hopefully S&G are soon to follow.

  2. I saw at FT Camp alphaville the head of Gotham talk about the analysis they do. Hard core but based on the scientific method of hypothesis testing. They set out to prove the business was sound, and found nothing to prove them wrong. The FT alohaville blog has covered this company for a long time and the corporate governance there is awful.

    They give capitalism a bad name.

  3. The article says that the CEO of Quindell transferred to Slater & Gordon with the acquired division. So Slater & Gordon says that he knew that the business was worthless and *still* went with it instead of staying at Quindell and enjoying his ill-gotten gains. My initial reaction is YMBJ.
    My brief personal experience of Quindell (at the behest of my insurers after an honest guy woke us up to tell us that he’d driven into our car outside our front door) was of encountering well-meaning incompetence.

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