Watchstone makes £63m damages claim against PricewaterhouseCoopers


Technology company Watchstone has served a damages claim in Britain's High Court against PricewaterhouseCoopers for £63m plus exemplary damages, equitable compensation, interest and costs.

PwC had been Watchstone's restructuring and technical accounting adviser when it was selling its professional services division to Slater & Gordon, Watchstone said.. The £637m deal was completed in 2015.

Watchstone has claimed that PwC established a back channel with Slater & Gordon's adviser, Greenhill & Co, through which it 'unlawfully disclosed information pertaining to Watchstone which was, and which it knew to be, confidential'.

'This information was then factored into Slater & Gordon's tactics and strategy for the negotiations with Watchstone leading to the acquisition of the professional services division,' Watchstone said.

'Slater & Gordon thereby gained an unfair advantage in those negotiations, which it exploited in order to purchase the professional services division at a lower price than it would otherwise have had to pay,' it added. 'This caused Watchstone to suffer significant loss.'

At 1:23pm: (LON:WTG) Watchstone Group Plc share price was +21.1p at 71.6p

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