Law firms approaching threesixty clients over Woodford class action

I’m sure most of our industry followed the Woodford saga pretty closely, so you will be aware that there are rumours that the fund and/or Authorised Corporate Director acted negligently in respect of the composition of its assets. As an open ended investment company the fund was subject to strict rules in this respect which were allegedly not followed.

The claim appears to centre on the failure of the ACD to supervise the fund which would normally be part of its natural remit. There also seems to be some hint of a claim over Northern Trust as depositary for failing to adequately monitor cash flow and liquidity. This would cause an immediate issue for an open ended fund given the method by which its assets are valued.

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