Link Fund Solutions Sued Again Over Woodford Collapse

The multi-million pound claim was filed on Friday June 3, representing 1,500 claimants, with more claims to come as the campaign already has a further 5,500 investors.

This is in addition to the case of Leigh Day, who formally brought proceedings against Link in September 2021, representing more than 11,000 claimants, arguing that the ACD had failed in its responsibility to oversee the fund.

Link said of the Leigh Day case that he would “vigorously defend the claim”.

Calls grow for FCA to end ‘deafening silence’ as Woodford update ‘adds insult to injury’

RGL Management launched its legal action against Link and Hargreaves Lansdown in March 2021, with the case brought against the platform for its recommendation of the former Woodford Equity Income fund to clients until it was suspended three years ago.

RGL’s pre-action letter, sent by London law firm Wallace, claimed that HL failed to “provide accurate, adequate and up-to-date information” about the Woodford fund in the days before it was frozen.

Earlier this year, Link warned investors that the liquidation of the fund’s assets was likely to last longer than 2022, while others called on the Financial Conduct Authority to end its “deafening silence” over its investigation.

A spokesperson for Link Fund Solutions said: “Link Fund Solutions Limited (LFSL) is aware of media reports that Harcus Parker intends to lodge a complaint in relation to LF Equity Income Fund (formerly LF Woodford Equity Income Fund).

“FSL has not yet received a lawsuit and will vigorously defend itself in such a case.

“A key responsibility of LFSL in its role as Authorized Corporate Director (ACD) of the WEIF, now LF Equity Income Fund, was and is to act in the best interests of all investors in the WEIF. LFSL takes this and its other responsibilities very seriously and considers that it has acted at all times in accordance with the applicable rules, as well as in the best interests of all investors, and that it will continue to do so.”

Harry D. Gonzalez