Over 500 investors interested in Quindell lawsuit

A potential group action against insurance outsourcing firm Quindell has attracted the interest of over 500 Quindell investors.

This is according to litigation firm Your Legal Friend (YLF), which added that Philip Marshall QC has been appointed lead counsel for the potential group action.

This follows an announcement that UK regulator the Financial Conduct Authority (FCA) has begun an investigation into Quindell in relation to public statements made about the firm's accounts during 2013 and 2014.

Trading in the company’s shares, which are listed on London’s Alternative Investment Market (AIM), was temporarily suspended on June 24, 2015.

“YLF welcomes the FCA’s decision to investigate the published statements of the Company during 2013 and 2014. The firm considers this to be a significant endorsement of its view that Quindell must now address a number of pressing questions regarding the financial information contained and reported in its public statements,” said YLF.

Marshall has served in a similar lead role in relation to significant investor actions against Tesco and RBS Group being conducted by other respected legal firms.

Colin Gibson, chief operating officer of Your Legal Friend, said: “For the past six months, we have been investigating the circumstances of the potential claimants and the available public information.

“The latter has however been hampered by the significant delay in Quindell’s publication of its 2014 Annual Results. Following the expected announcement of these results over the coming weeks, we would expect to progress the investor action to the next stage.”