Clifford Chance

Using a Scheme of Arrangement to settle complex group litigation and implement consumer redress: Link Fund Solutions Limited

8 March 2024

Leading international law firm Clifford Chance has advised Link Fund Solutions Limited ("LFSL") on resolving potential liabilities relating to the LF Woodford Equity Income Fund (the "WEIF") through a UK scheme of arrangement (the "Scheme").

The Scheme was proposed pursuant to a conditional settlement with the FCA, and will see approximately 250,000 "Scheme Creditors" share between £183.5 million and £230 million out of a settlement fund. In return, the Scheme Creditors release any claims they may have against LFSL. In particular, the Scheme compromises group litigation against LFSL led by three claimant firms representing over 20,000 Scheme Creditors, and prevents all other Scheme Creditors from bringing equivalent claims.

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