Woodford Equity Income Fund – Woodford Litigation
The spectacular demise of the Woodford Equity Income Fund (WEIF) in 2019 is a reality known all too well to investors.
RGL Management is currently exploring a number of claims on behalf of thousands of investors who suffered significant losses as a result of the collapse of the WEIF. We encourage anyone who did invest to register their interest here.
Market-leading commercial arrangements
We are now in a position to offer a market-leading deal in terms of the cost to RGL Group claimants on success.
We confirm that the amount to be deducted from gross proceeds, only on success, will be 25% including VAT. Our research indicates – see the table – this is a market-leading deal compared to other groups who stated an intention to progress claims in relation to the Woodford Equity Income Fund (WEIF).
How do I register my interest?
If you believe you have a valid claim and are entitled to Woodford compensation – regardless of the amount – and you wish to know more, please visit our registration page and register your details.
There is no cost or financial risk involved in registering and pursuing legal action through RGL. Legal costs will be paid on behalf of claimants; should the claims not be successful, the defendant’s costs will be covered by insurance and will not be payable by the claimants.
What Woodford compensation?
Investors could be entitled to legal damages in respect of losses suffered after the Woodford Fund, managed by Neil Woodford, was suspended in June 2019 and subsequently wound-up. These developments prevented investors from withdrawing their funds, resulting in billions of pounds of losses.
There will be claims for losses sustained directly as a result of the collapse of the Woodford Fund and also for “loss of opportunity” losses, suffered through missing out on alternative investments that, in stark contrast to the Woodford Fund, would have generated returns.
What are RGL investigating?
RGL and its legal team firmly believe investors in the Woodford Equity Income Fund (WEIF) are entitled to compensation as a result of its demise. This includes anyone who invested through the Hargreaves Lansdown platform (either directly or via the Hargreaves Lansdown Multi Manager Fund), but also includes anyone who did not invest via Hargreaves Lansdown.
The legal team’s conclusions are very promising from the perspective of investors, with reference to claims against both Link Fund Solutions (Link) which was the Authorised Corporate Director (ACD) of the WEIF, and Hargreaves Lansdown. Legal causes of action of real substantive merit are available that, if proven, would entitle investors to a reimbursement of losses suffered.
In regard to Link, any ACD’s legal responsibilities include ensuring the fund over which it is appointed operates in accordance with how the fund was promoted and sold to investors (including the composition of the assets in which the fund invests) and applicable legal requirements, supervising the investment manager (in relation to WEIF, Woodford Investment Management, Mr Woodford’s company) and ensuring the ongoing liquidity of the fund.
Given the circumstances of the WEIF’s collapse, there are some very obvious questions to which Link needs to provide a satisfactory response, failing which its obligations should lie in the recompense of investors’ losses.
In regard to Hargreaves Lansdown, particular attention has been paid to its relationship with Woodford Investment Management, the entity run by Mr Woodford and to which Link delegated the management of the WEIF. It certainly appears that Hargreaves Lansdown knew of liquidity issues in the WEIF from November 2017. This brings into acute focus the level of knowledge and information to which Hargreaves Lansdown’s senior management was privy from this time – who, what, when? – and shines a spotlight on the fact that Hargreaves Lansdown nonetheless continued to include the WEIF in the recommended funds making up its Wealth 50 (and precursor Wealth 150).
Who has been affected by the Woodford Fund fallout?
Anyone who invested in the Woodford Equity Income Fund will be able to register with RGL as part of RGL Woodford Group Litigation.
Many may believe their case is not worth pursuing due to only investing a small amount. Rest assured, all claims will be looked at and assessed, regardless of the amount, when building the legal action.
Will I recover my investment in the Woodford Fund?
RGL’s goal is to ensure those who invested in the Woodford Fund recover the compensation they deserve.
The views of a highly eminent KC from top chambers, One Essex Court, have been sought and the counsel’s conclusions are very promising from the perspective of investors. Legal causes of action of real substantive merit are available that, if proven, would entitle a reimbursement of losses suffered.
Teaming up with commercial litigation solicitors, Wallace LLP, a significant amount of work has already been undertaken in exploring and assessing the potential range of claims and compensation available to those WEIF investors.
This includes a legal analysis of the duties of Link as the ‘authorised corporate director’ of the WEIF and also of the information provided to investors in the WEIF through Hargreaves Landown’s Wealth 50 and its precursor the Wealth 150.
Why choose RGL when seeking Woodford Compensation?
Pursuing legal action against large businesses and corporations on your own is an extremely difficult, time consuming and expensive endeavour. Bringing a claim as one of a large group of claimants is far more efficient and effective when seeking legal redress and compensation.
We at RGL Management are litigation specialists, with extensive expertise in law, investment banking, corporate operational management and claimant communication, all of which are essential when managing a large complex legal action.
We build the right team for each legal claim, including solicitors and counsel, processing and admin resource, litigation funding, “after the event” or “ATE” insurance and other specialist advisory services such as financial analysis, forensic accounting, PR and social media support.
Any claimant group brought together by RGL is armed with the appropriate amount of funding and insurance and represented by a top legal team, so as to match the defendant’s lawyers and resources. This provides the fire power necessary to create the level playing field essential for any legal claim with prospects against a large, well-financed target.
Putting together the funding and insurance package also means there is no cost or financial risk involved in pursuing the group legal action, ensuring peace of mind throughout the process.
RGL is authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity.
For more information about us and how we operate, visit our What We Do page.