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First Court hearing in the Link group claim on behalf of Woodford investors

The first court hearing in the group claim being brought on behalf of investors in the Woodford Equity Income Fund is scheduled to take place on Monday 19 December and Tuesday 20 December 2022 at the High Court in London.

The hearing will be used to consider an application made on behalf of the clients of law firms Leigh Day and Harcus Parker, asking the court to make orders regarding the case management of these claims, including:

• That the claims against the defendant Link Fund Solutions Limited, relating to the Woodford Equity Income Fund, be managed together in a single set of proceedings under what is known as a “group litigation order”
• That Leigh Day and Harcus Parker be jointly appointed as the lead solicitors, with primary conduct of the common aspects of the claims on behalf of all claimants
• To set deadlines for the parties to file their pleadings
• To set a deadline for investors to join the group claim
• To establish a register of claimants who are part of the claim

The Link Fund Solutions Limited is opposing the case management proposals made by Leigh Day and Harcus Parker on behalf of their clients and continues to deny that it has any liability to investors.

It is possible that the judge will set out his decisions in response to the application at the end of the hearing. Alternatively, he may reserve his judgment, in which case it is likely to be published sometime in the New Year.

The judgment in this application will not decide the outcome of the claimants’ claims. If the claims continue all the way to a trial, it could be a number of years before a final resolution is reached.

Leigh Day currently represents over 13,000 investors in this fund, who have suffered significant financial losses, which it is alleged were the result of breaches by Link Fund Solutions Limited of its obligations in managing the fund. The claims on behalf of Leigh Day’s clients are estimated to value over £100m.

Meriel Hodgson-Teall, senior associate at Leigh Day, said:

“This hearing is an important step forward in the claims being made on behalf of investors in the Woodford Equity Income Fund.

“Thousands of investors in this fund have suffered life-changing financial losses, which they allege is a result of Link Fund Solutions’ failings in managing the fund. Actively managing the claims through a Group Litigation Order will ensure that the claims are progressed as fairly and efficiently as possible to a resolution. Leigh Day continues to work tirelessly to advance the claims on behalf of our clients as quickly as possible and to seek the best outcome achievable.”

19 December 2022