Betfair Founder Sues Law Firm

Shares cause a dispute

A report arrived recently about a dispute between one of the founders of internet gambling group Betfair, Mark Davies, and his former legal representatives, law firm Speechly Bircham, which according to Davies cost him millions of pounds when he tried to sell shares in the group.

Therefore, Davies, who left Betfair in July 2010, has initiated a lawsuit against Speechly Bircham, claiming damages of more than GBP 4 million as a trustee of two family trusts with stakes in the gambling company.

Reportedly, the whole issue emerged when the trusts had instructed Speechly Bircham that they wanted to sell their shares after the Betfair IPO on the London exchange last year, when the price was GBP 13 a share, but then the company told Davies later, in October, when the shares were trading at GBP 15.50, that they cannot be sold because they had not been registered properly.

Since the shares are now worth only GBP 7.05, Davies decided to file the lawsuit and claim the damages. So far, no comment has arrived from both Davies and Speechly Bircham.

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