Investors trapped in Neil Woodford’s failed equity fund will have to forgo any future legal claims if they accept a proposed £235 million ($292 million) compensation plan, the Times reported.
(Bloomberg) — Investors trapped in Neil Woodford’s failed equity fund will have to forgo any future legal claims if they accept a proposed £235 million ($292 million) compensation plan, the Times reported.
The package proposed by the Financial Conduct Authority aims to compensate about 300,000 investors in the Woodford Equity Income Fund. If investors approve the plan, they waive the right to further redress from Link Fund Solutions, the management firm in charge of running the fund, the London-based Times said.
Woodford Investors to Get Up to £235 Million in Compensation
Woodford’s fund empire collapsed in June 2019 after a series of large withdrawals led to its suspension, trapping thousands of investors and around £3.7 billion in assets. Woodford was ousted as manager of the fund in October of that year, and announced he would shutter his investment firm, a stunning fall that counts as one of the most dramatic in London’s financial history.
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