Woodford

Last chance to join the RGL Woodford Group Litigation against Hargreaves Lansdown

Post Date: March 26, 2025

30th April 2025 Deadline Announced Claims management firm RGL has announced a deadline for individuals to register their potential claims under the no-win-no-fee funding arrangement. Writing in The Mail on Sunday, Jeff Prestridge notes that the RGL claim is free to join, with RGL taking a share of the bounty only if the group claim is successful. It's time to make your mind up if you were a Hargreaves customer who invested in Woodford Equity Income Fund (WEIF). There are currently over 8,300 claimants on ...

RGL Woodford Group Litigation Claim vs Hargreaves could reach £1 billion

Post Date: December 13, 2024

The RGL Woodford Group Litigation against Hargreaves Lansdown so far comprises some 7,000 claimants with more being added every day. RGL has informed us that the average claimant had approximately £20,000 invested and that the average claim value (including the opportunity loss) is also in the region of £20,000. 133,000 Hargreaves clients had £1billion+ invested in Woodford Equity Income Fund (WEIF) at the point of suspension on 19th June 2019, so the potential value of the group claim is substantially larger than ...

Woodford Campaign Update 17 – ShareSoc Endorses the RGL Woodford Group Litigation

Post Date: December 4, 2024

ShareSoc believes that the potential benefits of the RGL Woodford Group Litigation against Hargreaves Lansdown outweigh the identified risks for the vast majority of claimants, and that it is in the interest of affected investors to participate. On this basis, ShareSoc has chosen to endorse the claim. The RGL Woodford Group’s legal team has commenced proceedings against Hargreaves Lansdown, alleging that HL continued to recommend the Woodford Equity Income Fund (WEIF) despite apparently being aware of its liquidity issues from November 2017. ...

Woodford Campaign Update 16, 15 February 2024

Post Date: February 15, 2024

WOODFORD: LINK JUDGMENT AND NEXT STEPS Mr Justice Richards approved the Link Scheme of Arrangement (subject to appeal) without any conditions. This was expected, given the 93% vote in favour by Scheme Creditors, but it doesn't close the door on the Woodford scandal. In a tight and carefully worded legal judgment, the Judge explained that the “FCA Total Amount” of harm identified (£298 million) relates only to the relative loss of value incurred by those who held the fund at suspension date relative ...

Woodford Campaign Update 15

Post Date: January 25, 2024

An update following the court hearing on 18th and 19th January Justice Richards reserved his judgement on whether to Sanction the Link Scheme at the end of the Hearing on 18/19 January. It is now expected early in February. Initially, he plans to circulate a draft to those who were represented at the Scheme Hearing. Schemes of Arrangement (a mechanism generally used for insolvencies and mergers) are normally relatively straightforward with judgement announced on the day. The delay suggests that, at the very ...

Woodford Campaign Update 14

Post Date: January 16, 2024

Vote outcome and Court Hearing 18 Jan 2024 OUTCOME OF SCHEME MEETING A single meeting of Scheme Creditors (the Scheme Meeting) was held on 13 December 2023. Work is ongoing to verify the votes cast at the Scheme Meeting, however, provisional numbers are set out below. Over 54,000 Scheme Creditors attended the Scheme Meeting in person, or by proxy. Of the Scheme Creditors who voted, approximately 93.7% in number, representing approximately 96.1% in value, voted in favour of the Scheme. Of the three voting ...

Woodford Campaign Update 13

Post Date: November 16, 2023

Link Scheme Voting Considerations URGENT: ACTION REQUIRED: VOTE NOW THE “SCHEME” – WOODFORD EQUITY INCOME FUND COMPENSATION The FCA has agreed a compensation approach using a Scheme of Arrangement which must now be voted on and approved by Creditors (relevant investors in Woodford Equity Income Fund). If approved, the Scheme must then be sanctioned by the High Court. The Scheme has been devised as a mechanism for Link to reach a final settlement with ALL WEIF Investors, regardless of whether they are involved in ...

Burford and Woodford compared

Post Date: October 12, 2023

This article reflects the opinions of its author and not necessarily those of ShareSoc. Different approaches from SEC and FCA The Burford and Woodford cases highlight different US and UK practices. In the US, the Judge explains the role of the litigation funder, justifies its role and why it should not affect his judgement. In the UK, the FCA, in the case of Woodford and Link, is attempting to work with Link to allow the plaintiff to settle all its compensation claims for what has ...

WOODFORD UPDATE 12

Post Date: June 19, 2023

Recent announcements relating to Woodford Equity Income Fund (WEIF) warrant close attention: The FCA has announced a potential £235 million settlement with Link Financial Services (LFS) The settlement, if approved by WEIF investors, will be used to pay redress The scheme, if approved, will protect LFS from further claims The FCA is effectively urging investors to approve the scheme and is stating that legal redress claims promise an unrealistic return since FSCS compensation would not cover investment losses. This statement is confusing, since redress claims ...

WOODFORD UPDATE 11 – Time to Act!

Post Date: February 18, 2023

Implications of Justice Trower’s GLO ruling Register your interest in Woodford Compensation Now https://www.sharesoc.org/campaigns/woodford-campaign/ for more information Justice Trower refused the Group Litigation Order application and very sadly denied the request to require Link to inform potential claimants of their opportunity to claim. Justice Trower says it is not the court’s job to “encourage potential claimants to litigate”. So, it is up to you to make your decision. ShareSoc’s role is to highlight the issues for you to consider. In para 53 onwards he explains the ...

Letter to the Treasury Committee re FCA’s Woodford Enquiry

Post Date: January 23, 2023

The Financial Conduct Authority gave scant detail on progress regarding Woodford, in a letter to the Treasury Committee dated 14th December 2022 (published 11th January 2023), responding to questions posed during the hearing and updates to the Committee on progress in certain areas.   ShareSoc considers the FCA letter to be insufficient. We have written to the Committee saying “we respectfully request that the Committee consider asking members of the FCA to appear before the Committee in person so that the progress of ...

Woodford Campaign Update 10 – 11 January 2023

Post Date: January 11, 2023

Woodford Campaign Update 10 Group Litigation Order Hearing The Group Litigation Order (GLO) request was heard in court between 15th and 20th December. The request was a joint submission by Leigh Day and Harcus Parker, with a subsequent request from RGL to be included. Surprisingly, the judge decided against granting a GLO, favouring instead bespoke case management by the court, as requested by the defendant, Link. This means that there won’t be any imminent deadline for registering with a claim. The claims will still be ...

Woodford

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