A ShareSoc news item by Cliff Weight, Director.
Portfolio Adviser carries a detailed report on Leigh Day sending its Letter Before Action (LBA) to Link in relation to the Woodford debacle, with quotes from ShareSoc Chair Mark Northway.
“It’s fantastic news that another critical milestone has been hit in Leigh Day’s legal claim against Link. We are delighted for Woodford WEIF investors and gratified that we have endorsed this claim,” said Sharesoc chairman, Mark Northway.
“Sharesoc reviewed the various potential claims and concluded that the Leigh Day claim is well managed and is structured to maximise financial returns to investors. The Leigh Day claim is also a key plank of the Sharesoc Woodford Campaign to improve regulation and hold wrongdoers to account.”
Leigh Day initially looked to bring its case against retail investing platform, Hargreaves Lansdown as around 292,000 of its customers were exposed to the failed fund. However, the law firm turned its attention to Link as its failings in managing the fund became apparent.
The LBA is a key step that could see the case taken to the High Court in a matter of months.
The lawsuit has been endorsed by Sharesoc, which has urged investors who have lost out in the saga to join its campaign.
ShareSoc published its own Press Release which emphasised
- Half a million Woodford Equity Income Fund investors now need to do 3 things:
Please tell all your Friends and Family. With 500,000 possible claimants, 98% have yet to register.
The story received extensive media coverage: