A claim representing 1,500 investors wants £18m from the 'referee' of Neil Woodford's fund.
Robin McConnachie, pictured here with his wife, invested £12,000 in Neil Woodford's fund
On Friday, lawyers will file a case against the fund's administrators Link Fund Solutions, alleging they failed to properly supervise the investments.Mr Woodford was one of the UK's most high profile stockpickers and when he set up his own managed fund, he came with an impressive reputation. Lawyers from the firm will argue Link had a duty to investors to ensure the fund was prudently managed and not overly risky. They say those duties were breached, for instance when the fund invested in unlisted start-ups instead of in large, dividend-paying stocks."A key responsibility of Link ... was, and is, to act in the best interests of all investors in the Woodford Equity Investment Fund," a Link spokesperson said.
Mr McConnachie has so far received just under £8000 in that process but he's hoping the lawsuit can return the rest. He added: "I can't be sorry for the things I didn't do. I didn't make the decision to suspend the fund, I didn't make the decision to liquidate the fund. As history will now show, those decisions were incredibly damaging to investors and they were not mine."The FCA has been carrying out its own investigation into the fund's collapse, and is yet to decide whether to take any action.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Neil Woodford investors sue administrators of collapsed fundLaw firm brings group litigation aiming to recoup at least £18m on behalf of 1,500 people
Read more »
US extradites ex-Mexican governor to face corruption chargesThe United States has extradited a former Mexican border state governor to his homeland, where he is accused of embezzling millions of dollars in state funds
Read more »
Two guards faint outside St Paul's as thanksgiving service guests arrivewo guards have fainted while waiting for dignitaries to arrive at the Platinum Jubilee ceremony. The men in military uniforms slumped to the ground while standing on the steps of St Paul’s Cathedral.
Read more »
More skin infection, less heart disease: study reveals how being tall affects healthStudy of 250,000 people sought to remove confounding factors such as socioeconomic status
Read more »
Shell's Jackdaw gas field given go-ahead by regulatorsThe UK government is seeking to boost domestic energy output following Russia's invasion of Ukraine.
Read more »
Two young brothers killed in building collapse found hugging in rubbleThe bodies of brothers Erfan and Arian Jalilian have been found hugging in the rubble of the Metropol building collapse in Iran. The ten-storey building collapse has so far caused 37 deaths
Read more »