Legal firm Slater and Gordon's UK subsidiary has served a claim against Watchstone Group seeking GBP600 million ($A1 billion) over its purchase of Watchstone's Professional Services Division in 2015.
Slater and Gordon - which says its claim value exceeds Watchstone's net assets and monies held in escrow by several hundred million pounds - accuses Watchstone and its then senior management of fraud.
"The filing and timing of the claim also take into account the recent market announcements by Watchstone that, in the face of the claim, it intends to divest itself of its remaining assets," Slater and Gordon said in May when it announced it intended to file a claim.
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