Hargreaves Lansdown hit by lawsuit over role in Woodford scandal

Link Fund Solutions also sued

Valeria Martinez
clock • 2 min read

Hargreaves Lansdown has been hit by a multi-million pound lawsuit over continuously promoting Neil Woodford’s equity income fund, which led to thousands of investors suffering losses.

RGL, a claims management company, said it had launched the lawsuit against the FTSE 100-listed firm in London's High Court on Friday (14 October) on behalf of an initial 3,200 investors. The case is based on Hargreaves' continued promotion of the former flagship LF Woodford Equity Income Fund (WEIF) on its 'best buy' list, which it did so until the day the fund collapsed. In a separate lawsuit, RGL is also suing Link Fund Solutions, the fund's authorised corporate director, for up to £100m. This is the third lawsuit levied against Link over the way it handled the fund.  Hargreaves ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Platforms

TILLIT drops Ninety One UK Sustainable Equity and Janus Henderson Strategic Bond funds

TILLIT drops Ninety One UK Sustainable Equity and Janus Henderson Strategic Bond funds

Amid merger and performance issues

Sorin Dojan
clock 20 December 2024 • 2 min read
Platform service worsens as cost of living spurs clients to move assets

Platform service worsens as cost of living spurs clients to move assets

People 'needing cash more than ever'

Sahar Nazir
clock 29 November 2024 • 2 min read
AJ Bell provides retail shareholders with electronic voting capabilities

AJ Bell provides retail shareholders with electronic voting capabilities

Follows HL and ii

Linus Uhlig
clock 18 November 2024 • 1 min read
Trustpilot