Law firm Leigh Day is taking Link Fund Solutions to court on behalf of investors in the failed Woodford Equity Income fund.
The firm has officially started court proceedings against Link, having had “significant pre-action correspondence” with Link’s lawyers, Clifford Chance. Leigh Day is currently representing some 11,000 claimants and will be issuing proceedings for all its clients on a rolling basis, with the aim of eventually consolidating the claims in a 'group litigation order'. The initial claim is on behalf of 100 investors.
Leigh Day will argue that Link, in its role as the authorised corporate director of the Woodford Equity Income fund, was in breach of Financial Conduct Authority (FCA) rules in the way it managed and monitored the fund, and that this ultimately led to the fund’s collapse, causing ordinary investors loss and damage. Leigh Day noted in an update that Link had “made clear its intent to defend the claims vigorously”.