The UK regulator pointed out its own fines and redress totalling $570m over a Woodford fund collapse aren’t the only matters on foot.
Durham says it is still trying to “attempt to engage” with takeover target Link Group about a buyout deal that isLink’s British subsidiary was hit with an extra £50 million fine by the British financial regulator on Wednesday after already being asked to
The Canadian company first made an agreed buyout offer for Link in December, and then revised it lower to $4.81 per share in July to reflect a battering of tech stock valuations and overall sharemarket weakness.after the FCA’s demand last week for $519 million in funds to be set aside in the wake of the collapse of a Woodford retail fund in the UK. That Woodford Equity Income Fund, which blew up in mid-2019, was administered by Link’s British subsidiary.
The FCA also pointed out that its fines and financial redress were confined to its own role, which is to “protect consumers and the integrity of the UK financial system”, and didn’t take into account any other actions by aggrieved investors in the fund. “It does not reflect any amount which may be owed to anyone else, including members of the fund, as a result of potential wrongdoing by other parties”.Two British law firms, Leigh Day and Harcus Parker, are pursuing Link Fund Solutions through British courts in a separate class action, on behalf of 20,000 retail investors. It comes more than three years after LFSThe FCA has been investigating the mid-2019 collapse of £3.
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