Harcus Parker urges Woodford investors to vote against 'bad deal'
'It is our view that the information supplied by Link and the Financial Conduct Authority has not been written in a way that easily reveals its meaning.'
Investors in the former Woodford Equity Income fund are able to submit claim forms until 4 December, with the scheme meeting and vote due to take place on 13 December.
Hundreds of investors call for probe into FCA's handling of Woodford saga — reports
The scheme, put forward by Link Fund Solutions and backed by the Financial Conduct Authority, proposes to return 77p in the pound to investors, for a maximum total redress of £235m. However, this calculation is disputed by Harcus Parker.
The law firm representing a class action law suit of investors argued the proposed redress would only offer investors 6p per share, suggesting the total amount lost by investors totalled more than £1bn.
It suggested that by pursuing a legal claim and utilising the Financial Services Compensation Scheme, investors could potentially receive nearer 50p per share, based on the more than £1bn calculation.
The law firm has already written to the 7,500 clients it represents, who are trapped in the former Woodford Equity Income fund, to advocate against the redress scheme.
Damon Parker, partner at Harcus Parker, said the law firm wanted investors to know the «full facts» before casting their votes and to ensure they could make an informed decision.
He explained: «It is our view that the information supplied by Link and the Financial Conduct Authority has not been written in a way that easily reveals its meaning. And we struggle to understand how they reach some of their calculations.
»We strongly believe that this a bad deal for the investors and that the financial institutions that should be
Read more on investmentweek.co.uk
