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 ...

Alliance News 12 October, 2017 | 4:47PM
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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;; @JoshAlliance

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Watchstone Group PLC 98.00 GBX 3.27 -
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