Morning Briefing: Slater & Gordon value slumps on car crash announcement

by NZ Lawyer27 Nov 2015
Slater & Gordon value slumps on car crash announcement
The UK government’s finance minister has delivered news which shook investors in Slater & Gordon. The Aussie law firm’s shares slumped Thursday after Chancellor George Osbourne announced in his Autumn Statement to London’s House of Commons that lawsuits for car accidents would be limited. In a move designed to limit rises in car insurance Mr Osbourne said that general damages for injuries sustained in motor accidents would be limited and would be more likely to be covered in the small claims court.
The Australian reports that the move will hit Slater’s profitable personal injury business in the UK and its value on the Australian stock market slumped 51 per cent on Thursday with share values falling below their 2007 IPO price for the first time. It says that Slater & Gordon’s market value has fallen from $1.1 billion on November 18 to $381 million yesterday.
 
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