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.
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