Law firm Slater & Gordon plans to take legal action against the company that sold it a financially troubled UK insurance business.
Slater & Gordon said, in a statement on Monday, it has notified Watchstone Group, formerly Quindell, that it intends to bring claims against it arising from the purchase of Quindell's Professional Services Division.
The embattled Australian firm suffered a $1 billion full-year loss for 2015/16, in large part due to $879.5 million in writedowns mostly linked to its UK business which it acquired in May 2015.
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