Woodford Equity Income victims say sure to £230m compensation scheme

Vote: Investors in a failed fund run by former star dealer Neil Woodford (pictured) yesterday permitted a compensation scheme 

Investors in a failed fund run by former star dealer Neil Woodford have permitted a compensation scheme of as much as £230million.

Some 93.7 per cent who voted backed the proposed redress technique, 4 years after the fund was frozen – 300,000 individuals can be paid as much as 77p for every £1 they misplaced when the Woodford Equity Income fund was closed in 2019.

Fund supervisor Link Fund Solutions stated it was ‘the fastest route for redress possible.’

The proposals will progress to last approval in court docket on January 18. Investors are as a result of obtain their first fee in March when between £183.5million and £200million can be paid out. 

If the vote had been blocked, they’d have needed to make particular person claims to claw again cash.

But not all had been comfortable. ‘Game on; and we’re up for it. Let battle start,’ stated Andy Agathangelou, of the Woodford Campaign Group, which is able to problem the scheme in court docket subsequent month. 

The fund, which as soon as managed £10billion, had a £3.6billion valuation when it shut amid a liquidity disaster.