A ShareSoc News item written by ShareSoc Director Cliff Weight
Update 1, 19 Nov 2020, SHARESOC LAUNCHES WOODFORD CAMPAIGN
Our primary objectives are:
- to facilitate communication between Woodford investors
- to help Woodford investors seek compensation for their losses where possibe
- to ensure that those who contributed to those losses through action or inaction are held to account
- to bring about changes in the regulations and regulatory enforcement to ensure this type of scandal does not happen again
We are pleased that several legal initiatives have surfaced with the intention of investigating the matter and of seeking redress. Sharesoc has been following the development of these initiatives and has elected to endorse the action proposed by Leigh Day, a leading litigation firm.
Description of the Leigh Day initiative
Leigh Day is now formally accepting clients for a group claim on behalf of investors in the Woodford Equity Income Fund (“WEIF”).
WEIF was suspended in June 2019, and its winding-up was announced in October 2019. Leigh Day is bringing the claim against Link Fund Solutions Limited (“Link”). As WEIF’s authorised corporate director, Link is the party responsible for the operation of the fund. Leigh Day believes Link breached FCA rules because it allowed WEIF to hold excessive levels of illiquid or difficult-to-sell investments and that this caused investors significant loss.
The fund’s value decreased notably while it was trading. In addition, from a net asset value of £3.61 billion when WEIF was suspended, investors have so far received back a total of £2.45 billion with the remaining assets looking difficult to realise.
ShareSoc believes it is in the best interests of those who have lost money to participate in the Leigh Day claim. We further believe that the pursuit of compensation in this case benefits all investors, as a successful outcome will lead to higher standards of behaviour in the future.
ShareSoc has created a Campaign Forum where affected investors can exchange views, request further information and follow the progress of the campaign. We recommend claimants and others join the Campaign to keep abreast of developments.
ShareSoc’s Woodford Campaign page gives further details of our Campaign.
Click this link for more info on how to join the Leigh Day claim (clicking this link takes you to the Leigh Day website).
Cliff Weight, ShareSoc Director and Woodford Campaign Director.