Former FanDuel chief executive Nigel Eccles and three other co-founders have filed a lawsuit claiming that their ordinary shares in the company were stripped of value following its merger with Paddy Power Betfair’s US business earlier this year.

FanDuel was founded in Scotland in 2007 and following several rounds of funding and investment, the company had two main classes of issued shares: preferential and ordinary.

Eccles, alongside other co-founders including his wife Lesley, Thomas Griffiths and Robat Jones (the petitioners), all left FanDuel at the end of 2017 but held approximately 6.8 per cent of the ordinary shares in FanDuel and 0.007 per cent of the preference shares.

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