Judge approves UK redress scheme for Woodford investors (updated)

Link Administration Holdings

09/02/2024 10:15

(Adds quote from judgment, details)
       LONDON, Feb 9 (Reuters) - A London judge on Friday
approved a proposed redress scheme worth up to 230 million
pounds ($290.5 million) for around 300,000 investors trapped by
the 2019 collapse of a flagship British fund run by
once-renowned stock picker Neil Woodford.
    "Having considered the matter in detail, I see no reason to
gainsay (contradict) the conclusion of the overwhelming majority
of scheme creditors at the court meeting," High Court Judge
Jonathan Richards said in a judgment published on Friday. 
        "I will sanction the scheme."
  
        The proposed scheme by Link Fund Solutions (LFS), the
former authorised corporate director of the fund, comes after a
Financial Conduct Authority (FCA) investigation and three
investor groups filed lawsuits over the way LFS had managed the
fund.
  
        Any appeal has to be made in writing by Feb. 23, the
judge said.   
  

 (Reporting by Kirstin Ridley and Carolyn Cohn; editing by Iain
Withers)
 ((carolyn.cohn@thomsonreuters.com; 44 207 513 4391;))