Woodford Equity Income action wins key backing from ShareSoc

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Shareholder organisation ShareSoc backs class action that seeks justice for investors who lost money in Woodford Equity Income

By Jeff Prestridge, Financial Mail on Sunday

Published: | Updated:

Powerful shareholder organisation ShareSoc has given its backing to a class action being put together by law firm Leigh Day that seeks justice for investors who lost money as a result of the break-up of investment fund Woodford Equity Income. 

ShareSoc says it wants to help Woodford investors get compensation for their losses. 

Suffering: ShareSoc says it wants to help Woodford investors get compensation for their losses

It also wants those individuals and firms that contributed to these losses to be held to account. 

Leigh Day’s claim will be against Link, the fund’s ‘authorised corporate director’ whose role was to safeguard the interests of the fund’s 300,000 investors. 

The £3.5billion fund was broken up – at Link’s request – leaving some investors with losses of up to 50 per cent. Four other firms are weighing up legal action. 

These include a claim by Harcus Parker, also against Link. 

The Financial Conduct Authority is still probing the closure of the Woodford fund last year.

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