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Founder Of Betfair Suing His Legal Reps

Mark Davies, one of the founding members of online gambling giant Betfair has filed a lawsuit against Speechly Bircham, saying the legal firm cost him millions after he tried to sell his shares in the company.

A writ with the High Court states that Davies' trusts had told Speechly Bircham that he wanted to sell his company shares after Betfair's IPO on the London Stock Exchange. At the time Betfair shares were valued around £13 a share. The writ says that Davies was told later in the year that his shares could not be sold because they were not issued properly. Since then the stock price has tumbled and is currently worth £7.05.

Davies is seeking £4 million in damages and left Betfair in July of 2010.

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