Leigh Day takes first formal step against Link on behalf of Woodford investors

In the letter, Leigh Day alleges that Link "mismanaged" the fund, particularly in relation to liquidity levels, which it argues the ACD "maintained a stance which…simply sought to avoid putting it in further breach of the FCA's 10% limit on unquoted securities" rather than address the issues. It added that "the failure of WEIF was not an event that occurred out of the blue" but instead "had a long genesis and was avoidable, had Link done its job properly". Link has three months to respond to the letter, after which time, if the firm "does not agree to compensate investors" will find c...