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(Reuters) -UK-based Link Fund Solutions (LFS), the authorised corporate director of fallen star manager Neil Woodford’s equity income fund, has been served a group action lawsuit by law firm Leigh Day in England, Link Administration said on Tuesday.
LFS, the UK unit of Australia-based Link Administration, is also being currently sued in the UK for up to 100 million pounds ($122.00 million) by claims management firm RGL, which says LFS failed to properly administer and manage the now-defunct fund.
Woodford’s flagship LF Equity Income Fund managed billions of pounds before it was suspended amid a political and public outcry in 2019, trapping 300,000 investors and triggering an investigation by the Financial Conduct Authority (FCA).
Law firms Leigh Day and Harcus Parker have each filed claims against LFS on behalf of around 13,000 and 7,000 investors respectively.
“LFS will vigorously defend itself against the proceedings,” ASX-listed Link said in a statement.
Link added that an application for a group litigation order by Leigh Day and Harcus Parker was dismissed in December last year, and both the firms were ordered to serve claims against LFS by Jan. 18.
Leigh Day did not respond to a Reuters request for comment on the lawsuit.
($1 = 0.8197 pounds)
