Jan 17 (Reuters) – UK-based Hyperlink Fund Options (LFS), the authorised company director of fallen star supervisor Neil Woodford’s fairness revenue fund, has been served a gaggle motion lawsuit by legislation agency Leigh Day in England, Hyperlink Administration (LNK.AX) stated on Tuesday.
LFS, the UK unit of Australia-based Hyperlink Administration, can be being at the moment sued within the UK for as much as 100 million kilos ($122.00 million) by claims administration agency RGL, which says LFS did not correctly administer and handle the now-defunct fund.
Woodford’s flagship LF Fairness Earnings Fund managed billions of kilos earlier than it was suspended amid a political and public outcry in 2019, trapping 300,000 buyers and triggering an investigation by the Monetary Conduct Authority (FCA).
Regulation companies Leigh Day and Harcus Parker have every filed claims in opposition to LFS on behalf of round 13,000 and seven,000 buyers respectively.
“LFS will vigorously defend itself in opposition to the proceedings,” ASX-listed Hyperlink stated in a press release.
Hyperlink added that an software for a gaggle litigation order by Leigh Day and Harcus Parker was dismissed in December final yr, and each the companies had been ordered to serve claims in opposition to LFS by Jan. 18.
Leigh Day didn’t reply to a Reuters request for touch upon the lawsuit.
($1 = 0.8197 kilos)
Reporting by Upasana Singh in Bengaluru; modifying by Diane Craft and Uttaresh.V
Our Requirements: The Thomson Reuters Trust Principles.
