Woodford Campaign

    Recent Developments (updated 15 February 2024)

    ShareSoc Update 16 – click here to read in full.

    This update examines the legal judgment following the Court Hearing of 18th and 19th January and what this might mean for investors.

    We also outline the various options that ShareSoc will be exploring next on behalf of Woodford investors.

    The above new information updates our previous update of 25 January 2024.

    The Campaign

    ShareSoc invites everyone concerned about Woodford, particularly investors in the LF Woodford Equity Income Fund (WEIF), the LF Woodford Income Focus Fund (WIFF), Woodford Patient Capital Trust plc (WPCT) and Hargreaves Lansdown Multi-Manager Funds (MMF), to join the ShareSoc Woodford Campaign .

    Many individual investors lost money as a result of the dramatic loss in value of assets within investment vehicles managed by Woodford Investment Management Limited, as a result of the apparent failure of the manager and authorised corporate director to adhere to regulatory restrictions, and as a result of the resulting fund suspension and liquidation.

    ShareSoc is keen to identify recourse routes open to affected investors, to ensure that the events which harmed individual investors are properly examined, and to press for changes in regulations and regulatory enforcement that will improve standards and accountability.

    We are pleased that multiple legal initiatives surfaced with the intention of investigating the matter and of seeking redress.

    Campaign members receive updates from ShareSoc, and can participate in the Campaign Forum to exchange views with other investors. Membership of the campaign is not limited to Woodford investors.

    Further details about our campaign are in the sections below:

    Objectives

    Our campaign objectives are to:

    1. facilitate communication between Woodford investors
    2. help affected Woodford investors recover their losses where possible
    3. hold to account those who contributed to those losses through action or inaction
    4. improve the way regulators regulate

    Our primary aim is to provide information and facilitate communication in order to assist investors in gaining compensation for losses suffered, where we believe there is a reasonable opportunity for them to do so.

    ShareSoc also believes that the actions and inactions of those involved in the scandal should be properly examined and that there should be clear consequences for any failure to exercise proper care in the management and administration of individual investors’ money.

    The Woodford scandal also raises questions about consumer education and about the structure of funds holding less liquid assets, how they are marketed, and the roles and responsibilities of the various parties involved.

    ShareSoc will also be campaigning to change the regulations and/or the way the regulator enforces the regulations, to ensure this type of scandal does not happen again.

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    Latest Updates

    – 15 February 2024, Update 16, Woodford: Link Judgment and next steps
    – 9 February 2024, Copy of the Approved Judgment following the Hearing of 18th and 19th January
    – 25 January 2024, Update 15, Update following the Court Hearing of 18th and 19th January
    – 16 January 2024, Update 14, Vote outcome and Court Hearing 18 January 2024
    – 16 November 2023, Update 13, Link Scheme Voting Considerations
    – 1 June 2023, Update 12, following FCA announcement of proposed settlement
    – 18 February 2023, Update 11, Time to Act!
    – 11 January 2023, Update 10, The GLO outcome, which claim to join and FOS news
    – 30 July 2022, Update 9, Report on 19 July 2022 Woodford Webinar
    – 15 June 2022, Update 8, ShareSoc issue Press Release re GLO and webinar
    – 21 October 2021, Update 7, Leigh Day Launch proceedings
    – 30 September 2021, Webinar Woodford what happens next?  CLICK HERE TO WATCH THE RECORDING OF THE WEBINAR

    – 10 July 2021, Update 6, Woodford Campaign Update
    – 19 May 2021, Update 5, Woodford Campaign Update
    – 9 March 2021, ShareSoc/Mello Event – The Woodford Debacle
    – 8 March 2021, Update 4, Woodford Webinar, LBA and other news
    – 21 Feb 2021, Update 3, Campaign news re Woodford press coverage and 9th March Webinar
    – 31 Jan 2021, Update 2, Campaign Update Jan 2021
    – 19 Nov 2020, Update 1 – ShareSoc launches Woodford Campaign
    – 17 Dec 2020 – ShareSoc webinar to introduce the Campaign and Claim

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    A Note of Caution

    Nothing in this campaign (including any endorsement of specific third-party initiatives) constitutes an accusation or assumption of guilt on the part of any person or persons. ShareSoc is not a party to any legal action.

    Subsequent to (and independent of) our decision to endorse the Leigh Day claim, ShareSoc entered into a cooperation agreement with Leigh Day under which ShareSoc provided certain campaign-related services in return for which it received a monthly stipend.

    Investors must review the information available and reach their own decisions with regard to any course of action.

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    The Leigh Day Group Claim Against Link Fund Solutions Limited

    ShareSoc has followed the development of five legal redress initiatives relating to Woodford funds. In November 2020, after careful due diligence, we elected to endorse the action proposed by Leigh Day, a leading litigation firm. Leigh Day closed its claim to new claimants at the end of February 2023 and, consequently, ShareSoc has now withdrawn its endorsement.

    The Leigh Day claim is on behalf of individuals who invested in the Woodford Equity Income Fund (“WEIF”).  WEIF was suspended in June 2019, and its winding-up was announced in October 2019.

    Leigh Day’s investigations have led it to believe that Link allowed WEIF to hold excessive levels of illiquid or difficult-to-sell investments, and that this caused investors significant harm.  They consider that Link breached the rules of the FCA Handbook and failed to properly carry out the management function of the Woodford Equity Income Fund.

    Leigh Day accepted clients on a no-win-no-fee basis with each claimant’s contribution to the costs of the litigation being capped at no more than 30% (including VAT) of any compensation received. Leigh Day has secured the necessary funding and insurance.

    No legal claims have been announced for investors in WIIF, WPCT or Hargreaves Lansdown’s MMFs.

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    Why ShareSoc Chose to Endorse the Leigh Day Claim

     We considered:

    1. the relevant Counsel’s opinion
    2. the status and reputation of the firm
    3. the fact that no payment is required from claimants
    4. the level of the cost cap
    5. the proposed distribution mechanism for distribution of any award.

        We concluded that it was in the interest of individual investors to join the Leigh Day claim. We reviewed the situation in November 2022 and reaffirmed this view at the time. The endorsement has been withdrawn following Leigh Day’s decision not to accept further claimants.

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        Join the ShareSoc Woodford Campaign

        To join the Woodford Campaign, please complete the form at the bottom of this page.

        Your personal data will be held securely and confidentially, in accordance with our privacy policy. When you join the campaign, you will be registered as a member of ShareSoc, if you are not already a member. You can choose to join as a full member or remain an associate member free of charge.

        Join and support ShareSoc as a Full Member. We are currently offering Full membership for only £42.50 (normally £57.50 a year) CLICK HERE
        If you prefer to join our campaign as an Associate (free) member, CLICK HERE.

        If you wish to make a one-off voluntary contribution to support the activities of ShareSoc please go to this page of our website: Donations. 

        Campaign Members’ Forum

        ShareSoc has set up an exclusive Forum for ShareSoc Woodford Campaign members to exchange views, as well as a ShareSoc Facebook Group which is quite active. Join our campaign to access and contribute to the forum.

        Forum and Facebook discussions are moderated. Libelous comments, threats, and discussion of privileged matters will not be permitted. Critical opinions are of course to be expected, but we ask contributors to be polite and observe basic courtesies. Comments which fail these tests will be removed.

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        How to Assist in the Campaign

        The ShareSoc Woodford Campaign is led by Cliff Weight. We urge anyone who would like to assist in the Campaign to get in touch initially via an email to  info@ShareSoc.org noting any particular interests and skills you have.

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        Press Coverage

        Links to the latest media coverage are on the Woodford Forum https://www.sharesoc.org/forums/topic/latest-news/

         

        Fill the form below to ShareSoc Woodford Campaign

        Post Date: November 19, 2020