The UK Individual Shareholders Society (ShareSoc) has launched a Woodford campaign aimed at helping investors seek compensation for their losses and has endorsed a legal action from Leigh Day.
ShareSoc said the primary objectives of its Woodford campaign were to claim compensation for investors, to hold those who contributed to investors' losses to account and to influence changes in regulations and regulatory enforcement to ensure another scandal does not occur.
Director Cliff Weight said the not-for-profit organisation was "pleased that several legal initiatives have surfaced with the intention of investigating the matter and of seeking redress".
HL 'has case to answer' in Woodford compensation claims - Slater and Gordon
Weight said the society had been following all of the initiatives and had decided to endorse Leigh Day's suit. "ShareSoc believes it is in the best interests of those who have lost money to participate in the Leigh Day claim," Weight said.
"We further believe that the pursuit of compensation in this case benefits all investors, as a successful outcome will lead to higher standards of behaviour in the future."
Leigh Day is one of a handful of litigation firms seeking redress for Woodford investors, and continues to invite clients to join its claim against the LF Woodford Equity Income fund's authorised corporate director (ACD) Link Fund Solutions.
The law firm recently said it was in the "final stage of preparation" ahead of launching its case against Link.
Fellow law firm Nelsons said it expects to issue "formal letters of claim" against Link and investment platform Hargreaves Lansdown before the end of the year.
