You may be right there, but the claim against Watchstone should...

You may be right there, but the claim against Watchstone should have happened much earlier - like when Quindell's accounts were first restated from a large profit to a large loss.

SGH could have obtained an injunction against Watchstone doing the capital distribution of their ill gotten gains pending an outcome of it's claim - so there would have been a much bigger pool of money from which to award damages.

Trouble was - SGH - in all its hubris - weren't prepared to admit at that stage that they were sold a pup.