Leigh Day takes first formal step against Link on behalf of Woodford investors

Alleges Link "mismanaged" WEIF

Leigh Day, one of the law firms representing investors in the former Woodford Equity Income fund (WEIF), has sent its Letter Before Action (LBA) to Link Fund Solutions, thereby instigating the first formal legal step against the authorised corporate director (ACD).

In the letter, Leigh Day alleges that Link "mismanaged" the fund, particularly in relation to liquidity levels, which it argues the ACD "maintained a stance which…simply sought to avoid putting it in further breach of the FCA's 10% limit on unquoted securities" rather than address the issues. It added that "the failure of WEIF was not an event that occurred out of the blue" but instead "had a long genesis and was avoidable, had Link done its job properly". ACD Link refutes Woodford accusations over former Equity Income fund Link has three months to respond to the letter, after whic...