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News Bite: Betfair Founder Sues Lawyers

Betfair founder Mark Davies and his wife Miranda are seeking more than £4 million in damages from their lawyers Speechly Bircham over the sale of shares in the company. According to a High Court writ, Davies reportedly instructed Speechly Bircham to sell his shares following the IPO in October 2010, but was told a sale would not be possible. Davies, who left the beleaguered betting exchange in July 2010, and his wife are trustees of two family trusts that held stakes in Betfair.

Shares are down 46% since the company went public.

Both Mark Davies and Speechly Bircham declined to comment.

Click here to read more about Betfair.

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