Woodford scheme of arrangement sanctioned by High Court
In his written judgment, justice Jonathan Richards confirmed he has no reason to contradict the outcome of the scheme vote and so will sanction the scheme of arrangement.
In his written judgment, justice Jonathan Richards confirmed he has no reason to contradict the outcome of the scheme vote and so will sanction the scheme of arrangement.
Richards found the objections, including those related to access to the Financial Ombudsman Service and Financial Services Compensation Scheme, complaints regarding fairness or clarity of language or the independence of the chair of the investor committee, among others, held no weight against the vote.
FCA reasserts proposed Woodford redress is 'subset of total losses' as sanction decision delayed
The scheme was approved by a significant majority of those investors who voted on 13 February, with 90.2% of individual scheme creditors and 100% of institutional investors voting in favour, although the turnout was slim, with 54,032 creditors participating, compared with the potential number of creditors in excess of 200,000.
Appeals against the decision to sanction the scheme will be accepted in writing until 4pm on 23 February 2024.
Barring successful appeal, the first payment, expected to range between £183.5m and £200m, is expected to be made by 31 March 2024.
Amundi and First Eagle launch sustainable value fund in the UK
Read more on investmentweek.co.uk
