Harcus Parker has launched legal action on behalf of investors in the LF Equity Income Fund (formerly the Woodford Equity Income Fund) with the objective of recovering losses our clients have incurred on their investment. The claim we are advancing is against Link Fund Solutions, the Authorised Corporate Director of the fund, who were responsible for ensuring that the fund was sufficiently liquid and that there were accurate valuations of the fund’s assets.
The launch of the action has attracted a great deal of news coverage.
Over the weekend, both The Sunday Times and Bloomberg reported that we have stepped up efforts to bring proceedings against Link. The article in The Sunday Times notes the connection with the Arch Cru funds scandal. Damon Parker and others in the Harcus Parker team previously acted for investors who brought claims against Capital Financial Managers for alleged breaches of its duties as Authorised Corporate Director of the Arch Cru funds. There are many parallels between the Arch Cru scandal and the failure of the Woodford fund, particularly allegations relating to investments in illiquid assets. You can visit The Sunday Times’ website to read the full article by clicking here (behind a paywall), and the Bloomberg article can be read in full here.
Today, The Financial Adviser reports that we have sent a letter of claim to Link, alleging that Link permitted the fund to invest in inappropriate illiquid and impermissible assets, which ultimately caused the fund to be suspended, which meant that investors’ money was locked in the fund. Damon comments in the article that the way in which the fund was managed ‘needs to be addressed and we will seek recourse through the courts for the many thousands of investors left out of pocket’.
Both retail and institutional investors can join the legal action. You can find out more and sign up by visiting our dedicated website. If you would like to contact us about the claim, either as an investor or on behalf of your clients who invested in the fund, you can contact us by emailing firstname.lastname@example.org or by telephone on 0203 086 7494.