Liverpool-based law firm Your Legal Friend, formerly known as Camps Solicitors, has launched a shareholder group action against Quindell under the Financial Services and Markets Act 2000 (FSMA), following the £312m swing from profit to loss in its professional services division (PSD).
The Serious Fraud Office (SFO) has confirmed that it is investigating Quindell’s ‘business and accounting practices’ as the company published revised annual accounts for 2014 showing a £312m swing from profit to loss in its Professional Services Division (PSD).
The Financial Conduct Authority (FCA) has confirmed it has launched an investigation into professional services company Quindell, looking at public statements made regarding the company’s 2013/14 financial accounts – covering the period it owned a raft of legal brands.
Guest post: Tiger, Plant, Freshfields and the Short Sellers – a look at legal ethics in ABS-owner Quindell’s woes
Charles Plant, outgoing Chair of the SRA who has led the SRA through one of the more interesting phases in its relatively young life, had some interesting thoughts in a recent valedictory speech (at legal futures). In particular, flat-earther comments aside, he is reported as having offered this:
Alternative business structure (ABS) Quindell has posted a huge revenue increase in the first half of 2014 with its Legal Services Division bringing in £179.6m, 139% up on H1 2013.