Betfair Internet Gambling Site Co-founder Suing for Damages

UK Online Gambling LawsBetfair Internet Gambling Site Co-founder Suing for Damages

Mark Davies has recently announced that he is filing a lawsuit against the law firm Speechly Bircham over selling his shares of his company. Davies is one of the founders of Betfair, an internet gambling website.

Davies left his position at the company back in July of 2010 but has lost more than GBP 4 million as a result of problems selling his shares several months later.

Two of the family trusts that Speechly Bircham were in charge of managing requested that their shares be sold last year when they were at a high of GBP 13 a share. It was later claimed when the shares reached GBP 15.5 that they were not registered properly and therefore could not be sold.

Now the shares are worth less than half that amount, costing Davies millions of pounds as a result. Davies is suing for damages, and neither he nor Speechly Bircham was available for comment at the time of the article.

September 13, 2011 by : posted in Recent News No Comments