Augusta Ventures is backing a new group litigation case that has been brought against Link Fund Solutions, administrators of Neil Woodford’s collapsed equity income fund, amidst claims that they failed in their duty to protect investors.
At least £18 million worth of lost investment in the Woodford Fund, on behalf of 1,500 people, is being claimed by Harcus Parker, a specialist commercial litigation firm, with proceedings currently being held in the High Court.
Harcus Parker claims that Link Fund Solutions netted fees worth millions of pounds, but failed to suitably administer the £3.7 billion fund. As well as failing to manage the fund’s liquidity, the claim suggests that assets were also not appropriately valued and didn’t provide a prudent spread of risk, further reinforcing the lack of protection for investors of the Woodford Fund.
Greg Beres, Investment Manager at Augusta Ventures, comments:
“Augusta Ventures is thrilled to be funding Harcus Parker in pursuing this case. Tens of thousands of investors put their faith in the Woodford Fund by investing their life’s savings in it, but they have been left with very little since its collapse.”
Daniel Kerrigan, Senior Associate at Harcus Parker, also comments:
“Litigation funding plays a vital role in providing access to justice for large groups of claimants who individually may not have the means to pay the significant insurance premia and other associated legal costs required to bring a case of this sort. With over 200,000 affected investors still out there, we invite anyone who held shares in the Woodford fund on 3 June 2019 to join our growing client group of over 7,500 clients by registering on our website. We are delighted to be working with Augusta Ventures to bring this case for our clients.”