U.K.-Mooted Woodford Fund Redress Too Paltry, Claimant Lawyers Say

Claimant groups planning multi-million pound lawsuits over a collapsed fund run by former star stock picker Neil Woodford said on Tuesday any redress of around 306 million pounds ($359 million) ordered by Britain's regulator would be too paltry, Reuters reported. Law firm Leigh Day, which represents around 13,000 clients in a lawsuit against Link Fund Solutions (LFS), the administrator of the flagship LF Woodford Equity Income Fund, said the figure was "nowhere near enough" to compensate thousands who had suffered financial losses. "Leigh Day calculates that if all of the individuals who suffered losses as a result of investing in this fund signed up to the claims proceeding through the courts, the court claims could be in the billions," lawyer Meriel Hodgson-Teall said. LFS has said it would vigorously defend itself against any proceedings and denies wrongdoing. Prompted by a planned takeover of LFS to lay out its thoughts, the FCA said on Monday it was considering ordering LFS to pay up to 306 million pounds in redress or penalty because of failures in managing the liquidity of the fund. But its inquiry continues and LFS can challenge any final warning notice. Read more.