Jeff
andyfuller wrote: Also does anyone know what they actually do with our funds on deposit?
True, but let's say the money is put into a savings account.andyfuller wrote:They have always said the funds are ring fenced so I don't think there are any issues with money being returned.
I doubt many people realise this tbh. I always (stupidly) thought the money was held on deposit at a bank(s).Euler wrote:The trustee deed for funds is pretty broad. So it's only ring fenced from Betfair using funds for their business by the look of it.
Mark Davies, a member of the founding team at Betfair, and his wife Miranda, as trustees of two family trusts, are seeking more than £4m in damages from their lawyers Speechly Bircham over the sale of their shares in the London-listed company, according a High Court writ seen by This is Money. According to the legal document Davies, who left the operator in July last year, reportedly instructed the law firm to sell his shares at £13 a share following the betting exchange’s IPO in October 2010, but was allegedly told a sale would not be possible as the shares had not been registered properly. They are trustees of two family trusts that held stakes in the company. Davies recently joined the board of mobile gaming specialist Probability as a non-executive director.