Recent announcements relating to Woodford Equity Income Fund (WEIF) warrant close attention:
The FCA has announced a potential £235 million settlement with Link Financial Services (LFS)
The settlement, if approved by WEIF investors, will be used to pay redress
The scheme, if approved, will protect LFS from further claims
The FCA is effectively urging investors to approve the scheme and is stating that legal redress claims promise an unrealistic return since FSCS compensation would not cover investment losses. This statement is confusing, since redress claims ...
Implications of Justice Trower’s GLO ruling
Register your interest in Woodford Compensation Now
https://www.sharesoc.org/campaigns/woodford-campaign/ for more information
Justice Trower refused the Group Litigation Order application and very sadly denied the request to require Link to inform potential claimants of their opportunity to claim.
Justice Trower says it is not the court’s job to “encourage potential claimants to litigate”. So, it is up to you to make your decision. ShareSoc’s role is to highlight the issues for you to consider.
In para 53 onwards he explains the ...
The Financial Conduct Authority gave scant detail on progress regarding Woodford, in a letter to the Treasury Committee dated 14th December 2022 (published 11th January 2023), responding to questions posed during the hearing and updates to the Committee on progress in certain areas.
ShareSoc considers the FCA letter to be insufficient. We have written to the Committee saying “we respectfully request that the Committee consider asking members of the FCA to appear before the Committee in person so that the progress of ...
Woodford Campaign Update 10
Group Litigation Order Hearing
The Group Litigation Order (GLO) request was heard in court between 15th and 20th December. The request was a joint submission by Leigh Day and Harcus Parker, with a subsequent request from RGL to be included.
Surprisingly, the judge decided against granting a GLO, favouring instead bespoke case management by the court, as requested by the defendant, Link. This means that there won’t be any imminent deadline for registering with a claim.
The claims will still be ...
We received very strongly positive feedback from the 832 registrants to this webinar. A recording of the webinar is available here.
The Missing 90%
The webinar highlighted the Enigma of the missing 90% of claimants. We think up to 270,000 investors have yet to claim and we plan to issue a press release highlighting this and some of the points below:
Nearly 300,000 investors lost money in the Woodford Equity Income Fund (WEIF)and now have an opportunity to claim compensation, but so far ...
Baroness Altmann, Consumer Finance champion, Member of the House of Lords and ex-Pensions Minister to speak at ShareSoc Woodford Webinar “The Cavalry is Coming” on 19 July at 4.30pm.
Law firms Leigh Day and Harcus Parker joined forces and merged their claims via a Group Litigation Order (GLO*), announced on 15 June 2022.
ShareSoc’s webinar on 19 July 2022 provides updates on progress, why the GLO is a big step forward and the impending deadline for joining a legal claim.
A Group Litigation Order will detail the claimants' allegations against Link, primary of which is alleged mismanagement of the former Woodford Equity Income fund. According to ShareSoc, which endorsed Leigh Day's legal claim in November 2020, the joint claim will represent around 20,000 claimants currently registered with the two law firms.
Click here to read the article.
Citywire mentioned ShareSoc in their article about the merger of the Leigh Day and the Harcus Parker legal claims.
Click here to read the article.
1. Leigh Day achieved a significant legal milestone and submitted their court proceedings against Link on 27 September. Leigh Day will shortly be submitting their particulars of claim, which is the next key milestone in the legal process.
2. ShareSoc is planning a free webinar “Woodford – Real Progress” to update everyone on the latest progress on the claim, and news about regulation, retribution and redress. Please reserve the date - 28 June at 6pm. Further details will be sent out in ...