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The former chief executive of Quindell Legal Services (QLS) has admitted that he was wrong to sell a business he had built up over 13 years to the troubled plc two years ago. However, Phil Hodgkinson said he had learnt a lot from the “Quindell experience”.

The number of potential shareholder claims against Quindell plc has hit 850 in the wake of last week’s “breathtaking” financial restatements, it has emerged. The number of potential claimants had been “increasingly fairly steadily”, but “there was a surge over the last week or so”.

The TV advertising battle between legal brands stepped up this week with Slater & Gordon launching a new campaign with the message ‘Your case is our cause’. Meanwhile, the share price of Quindell plc, part of which S&G is in talks to buy, continues to fluctuate.

Jim Sutcliffe, appointed deputy chairman of alternative business structure Quindell earlier this month, has resigned from the board of the Financial Reporting Council.

More than 250 current and former shareholders in AIM-listed alternative business structure Quindell have already registered their interest in a potential group action, Liverpool law firm Camps has said.