FAQ’s

Who can join RGL’s Woodford Group Litigation against Link and Hargreaves Lansdown?

Q: How do I know if I have suffered a loss which is relevant to the RGL Woodford Group Litigation?

Q: My investment in the Woodford Equity Income Fund was quite small. Can I still be involved?

Q: I withdrew my investment in the Woodford Equity Income Fund while it was still active. Can I still be involved?

Q: How do I prove that I am eligible? What do you need from me?

Q: My wife, or other family member, also invested in the WEIF. Do they have to register separately?

Q: I took out an investment in the WEIF on behalf of a relative who is still under 18. Can I register on their behalf?

Q: I have already made a complaint to Link and/or Hargreaves Lansdown directly. Can I still be involved in RGL’s group litigation?

Q: I have already made a complaint to the Financial Ombudsman Service. Can I still be involved in RGL’s group litigation?

Q: I invested in the Woodford Income Focus Fund via Hargreaves Lansdown. Does this investment qualify for the RGL Woodford Litigation?

Q: I invested in the Woodford Patient Capital Trust. Does this investment qualify for the RGL Woodford Litigation?

Q: I invested in a Hargreaves Lansdown multi-manager fund. Does this investment qualify for the RGL Woodford Litigation?

The cost of being involved in RGL Woodford Litigation

Q: Does it cost me anything to register for the Woodford legal action?

Q: Is this a “no win, no fee” action?

Q: How will RGL fund the legal process?

Q: What is in this for the funder, the insurers and RGL?

Q: How much will be deducted from my Woodford compensation on success?

Q: If my claim is not successful, will there be any cost to me?

Q: If RGL decides not to progress a claim on my behalf, will there be any cost to me?

Q: Is it possible that the litigation could be successful but the amount awarded is not sufficient to cover some aspects of the costs incurred, so that I might have a financial liability?

Q: If my claim is successful, do I have to pay tax on the compensation I receive?

Q: When and how will I have to fully commit to take part in the group litigation against Link and Hargreaves Lansdown?

The legal process

Q: I have been told by a law firm running a different group action that I must sign a legal agreement with them as soon as possible. Is that correct?

Q: What is the basis of the RGL Woodford Litigation? What is it all about?

Q: What type of losses will be claimed?

Q: If my claim is successful, how much will I receive as Woodford compensation?

Q: How long will it all take?

Q: What will be the process of RGL’s Woodford Group Litigation against Link and Hargreaves Lansdown?

Q: Will RGL’s Woodford legal action be successful?

Q: Will I have to appear in Court?

Q: Can I choose my own firm of solicitors?

Q: What is the Litigation Management Agreement (LMA)?

Q: Is RGL running class actions against Link and Hargreaves Lansdown?

Other

Q: Why should I choose RGL to pursue Woodford compensation?

Q: How will you keep me informed on progress?

Q: Will my personal information be kept confidential?

Q: I have already signed up with another group taking action against Link and/or Hargreaves Lansdown. Can I also be involved in RGL Woodford Group Litigation?

Q: Is it possible to be a claimant with more than one group action?

Q: I note that the surname of a member of the RGL team is Hargreaves. Can you confirm that there is no connection with Hargreaves Lansdown?

 

Who can join RGL’s Woodford Group Litigation against Link and Hargreaves Lansdown?

 
Q: How do I know if I have suffered a loss which is relevant to the RGL Woodford Group Litigation?

A: Anyone who invested in the Woodford Equity Income Fund can register their interest in being part of the RGL Woodford Group Litigation. 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.

 
Q: My investment in the Woodford Equity Income Fund was quite small. Can I still be involved?

A: Rest assured, all claims will be looked at and assessed, regardless of the amount, when building the legal action.

 
Q: I withdrew my investment in the Woodford Equity Income Fund while it was still active. Can I still be involved?

A: Yes, you can still be included – if you held an investment in the WEIF in 2017 and/or at any time thereafter and you believe you lost money as a result, it is worth registering, so that your potential claim can be assessed.

 
Q: How do I prove that I am eligible? What do you need from me?

A: In order to register, which you can do here, you will have to provide some basic contact information. Subsequently, we will contact you to ask for further information about your investment including any related documents, emails, and internet-held information. All information provided will be stored securely and treated as confidential. Please see our Privacy Policy.

 
Q: My wife, or other family member, also invested in the WEIF. Do they have to register separately?

A: The registration must be for the person in whose name the investment is/was held. If your spouse, partner, or other family member held an investment in their own name, then a separate registration must be submitted, entering a different email address. If the other investor does not have their own email address, please contact sharonbryan@woodfordlitigation.com

 
Q: I took out an investment in the WEIF on behalf of a relative who is still under 18. Can I register on their behalf?

A: Yes. If the investment was in their name, please register using their name. In the address field, please enter c/o your name, with your address. In the telephone and email address fields, please enter your own contact details.

 
Q: I have already made a complaint to Link and/or Hargreaves Lansdown directly. Can I still be involved in RGL’s group litigation?

A: Yes, you should register. You will be asked to provide details of your complaint and any response you receive(d) as part of the post-registration information gathering process.

 
Q: I have already made a complaint to the Financial Ombudsman Service. Can I still be involved in RGL’s group litigation?

A: Yes, you can still register. You will be asked to provide details of your complaint and any response you receive(d) as part of the post-registration information gathering process. At the appropriate time, RGL’s legal team will consider any implications it may have on your potential claim.

 
Q: I invested in the Woodford Income Focus Fund via Hargreaves Lansdown. Does this investment qualify for the RGL Woodford Litigation?

A: This investment does not fall within the scope of the proposed group litigation. At the moment, RGL is focused specifically on the Woodford Equity Income Fund, in relation to which our lawyers have identified certain legal causes of action. We may return to look at other Woodford investments at a later date.

 
Q: I invested in the Woodford Patient Capital Trust. Does this investment qualify for the RGL Woodford Litigation?

A: This investment does not fall within the scope of the proposed group litigation. At the moment, RGL is focused specifically on the Woodford Equity Income Fund, in relation to which our lawyers have identified certain legal causes of action. We may return to look at other Woodford investments at a later date.

 
Q: I invested in a Hargreaves Lansdown multi-manager fund. Does this investment qualify for the RGL Woodford Litigation?

A: As long as the multi-manager fund was partially invested in the WEIF at some point during the period in which you held the investment, then yes, it is likely that you may have a claim within the scope of RGL Woodford Group Litigation.

 

The cost of being involved in RGL Woodford Litigation

 
Q: Does it cost me anything to register for the Woodford legal action?

A: No, there is no cost (and no obligation) as a result of registering. You simply provide some basic contact details and we will be in touch shortly afterwards about the next steps and required information. There is no cost or payment required at any point in our process, unless and until your case is successful.

 
Q: Is this a “no win, no fee” action?

A: Yes. RGL Management will arrange a third-party funder to cover all legal and other costs of the RGL Woodford Group Litigation claimants. RGL will also ensure that insurance is in place so that RGL Woodford Group Litigation claimants will not have to pay any “adverse costs” if the claims against Link and/or Hargreaves Lansdown are not successful.

 
Q: How will RGL fund the legal process?

A: RGL will arrange litigation funding with a third-party funder that specialises in financing the pursuit of large commercial legal claims. The funds provided will cover all legal and other costs until a successful outcome is reached.

 
Q: What is in this for the funder, the insurers and RGL?

A: If your claim fails, the funder, the insurers and RGL will get nothing. If your and the other claimants’ claims are successful, a proportion will be deducted from the recoveries to reimburse the monies spent on the claims by the funder, pay the insurance premium due to the insurers, pay any deferred and success fees due to the lawyers and pay the funder’s uplift (profit) out of which, subject to certain conditions being met, the funder will pay RGL.

 
Q: How much will be deducted from my Woodford compensation on success?

A: The size of the deduction on success will be confirmed when we have more information on the number of potential claimants who join RGL Woodford Group Litigation. A financial illustration will be provided before you have to decide whether to commit to join the legal action. RGL is working towards a funding/insurance proposition for investors that we anticipate will be significantly less expensive than the offerings from other groups we have seen.

Rest assured, you will not be committed to the litigation before this information is explained in detail and before you expressly agree to it.

 
Q: If my claim is not successful, will there be any cost to me?

A: No.

 
Q: If RGL decides not to progress a claim on my behalf, will there be any cost to me?

A: No.

 
Q: Is it possible that the litigation could be successful but the amount awarded is not sufficient to cover some aspects of the costs incurred, so that I might have a financial liability?

A: No. This is not possible. It will be an explicit part of both the funding agreement with the funder and the insurance policy with the insurers, that the funder’s return and the insurers’ premium will be payable only if, and only to the extent, there are funds available to pay. In the unlikely event that the litigation is successful but the return is not sufficient to pay the funder and/or the insurer in full, their respective entitlement to fees, uplifts and premium will be expressly limited to the litigation recoveries that are available.

 
Q: If my claim is successful, do I have to pay tax on the compensation I receive?

A: Each individual’s liability to pay tax is unique. If this is important to you at this stage, you should seek your own tax advice (RGL is not permitted to advise you).

 
Q: When and how will I have to fully commit to take part in the group litigation against Link and Hargreaves Lansdown?

A: After you have registered, you will receive further details about the terms of the group litigation in due course. You will be given time to consider these terms and to make a decision as to whether to commit formally to the RGL Woodford Group Litigation. Please always bear in mind that registering does not mean you have to participate in the legal action; you can take this decision once you have received further information.

 

The legal process

 
Q: I have been told by a law firm running a different group action that I must sign a legal agreement with them as soon as possible. Is that correct?

A: We are aware that certain law firms are also promoting claims arising out of the collapse of the Woodford Equity Income Fund (WEIF). We are also aware that these lawyers are now urging investors to sign up to letters of engagement and other agreements, with a message that you need to do so otherwise it will be too late to pursue your claims.

This is not the case. There is no immediate urgency to join any group. There is no advantage in being part of the first group to start legal action. The Court process will ensure all WEIF-related claims progress together and at the same time.

At the moment, therefore, the key consideration for any WEIF investor contemplating joining a legal action should be price: on success, how much will be deducted by the various “stakeholders” from any recovery of losses made? We are aware that some law firms are proposing a 30% deduction, even 42%! RGL’s view is that this is far too expensive for this type of case.

RGL is working towards a funding/insurance proposition for investors that we anticipate will be significantly less expensive than the offerings from other groups we have seen. There is no urgency as yet; committing to other groups now will likely cost you significantly more in the future.

 
Q: What is the basis of the RGL Woodford Litigation? What is it all about?

A: The legal analysis conducted by RGL’s legal team has considered the actions (or, perhaps more accurately, inactions) of Link Fund Solutions (Link), which was the Authorised Corporate Director (ACD) of the WEIF, and of Hargreaves Lansdown.

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).

The legal team’s conclusions are very promising from the perspective of investors, with reference to claims against both Link 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.

 
Q: What type of losses will be claimed?

A: There will be claims for losses sustained directly as a result of the collapse of the Woodford Equity Income Fund and also for “loss of opportunity” losses, suffered through missing out on alternative investments that, in stark contrast to the Woodford Equity Income Fund, would have generated returns.

 
Q: If my claim is successful, how much will I receive as Woodford compensation?

A: Each individual claim will be different. RGL’s goal is to ensure those who invested in the Woodford Equity Income Fund recover the compensation they deserve.

 
Q: How long will it all take?

A: Timescales will remain uncertain until the legal proceedings are commenced in Court, which will probably be during 2021.

 
Q: What will be the process of RGL’s Woodford Group Litigation against Link and Hargreaves Lansdown?

A: The exact process of how a significant number of claims made at the same time will be dealt with by the Court will not be known until a Judge considers the relevant “case management” issues. This will become clearer as the proceedings advance in Court, but it is likely the Judge will decide that a small selection of claims should be considered first as “test” cases, rather than hearing all claims all at the same time.

 
Q: Will RGL’s Woodford legal action be successful?

A: The views of a highly eminent Queen’s Counsel, Alain Choo-Choy QC, from top barrister 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.

Moreover, funders and insurers back legal claims with their significant financial resources only if they are confident of winning (because that is the only way they will get paid).

 
Q: Will I have to appear in Court?

A: If the litigation progresses to trial, some investors will have to appear in Court to give evidence. Given the sheer number of investors, however, the chances of being selected are likely to be relatively slim.

 
Q: Can I choose my own firm of solicitors ?

A: No. RGL Management has retained Wallace LLP on behalf of the RGL Woodford Group Litigation claimants to act in relation to the claims against Link and Hargreaves Lansdown. Wallace LLP is a specialist commercial law firm with recognised expertise in Banking and Financial Services Litigation.

However, if you already have a lawyer who has knowledge or documentation relating to your potential claim, it would be useful for us to have contact with them.

 
Q: What is the Litigation Management Agreement (LMA)?

A: At the appropriate time, you will be asked to sign RGL’s Litigation Management Agreement (LMA). This will authorise RGL to act on your behalf in the analysis, management and pursuit of your claim against the defendants. It will also authorise us to conclude the funding and insurance arrangements that must be finalised on the claimants’ behalf before legal proceedings can be commenced.

 
Q: Is RGL running class actions against Link and Hargreaves Lansdown?

A: A “class action” is a US legal device. There is no UK equivalent in the context of the claims against Link and Hargreaves Lansdown. Large numbers of claimants can, however, come together to pursue “group litigation”, in which each claimant must proactively join up to (in other words, you must “opt in” to) the legal proceedings. In the English Courts, group litigation requires the facts/circumstances of the various relevant individual claimant’s cases or the relevant legal issues to be identical or similar. In a group litigation, each legal case stands on its own merits, which is why it is very important for you to provide, when requested, any documents and other information relevant to your claim.

 

Other

 
Q: Why should I choose RGL to pursue Woodford compensation?

A: Pursuing legal action against large businesses and corporations 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. RGL Management is a litigation specialist, 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. Before legal proceedings are commenced, the RGL Woodford Group Litigation claimants will be armed with the necessary funding and insurance and be represented by a top legal team, so as to match the defendants’ lawyers and resources. You can read more about our relevant skillsets, and our approach to group litigation on this page of our website.

 
Q: How will you keep me informed on progress?

A: RGL Management will publish regular email updates, which we will send out to everyone who is registered.

 
Q: Will my personal information be kept confidential?

A: All information and data provided by you in relation to your potential claim will be kept confidential by RGL, albeit will be shared, in confidence, with our professional advisors. Please click on the link to read our Privacy Policy.

RGL Management Limited is registered with the Information Commissioners Office. Registration number ZA175833. Registration address: 29 Lincolns Inn Fields, London, WC2A 3EE.

 
Q: I have already signed up with another group taking action against Link and/or Hargreaves Lansdown. Can I also be involved in RGL Woodford Group Litigation?

A: It depends what you mean by ‘signed up’. RGL is not able to comment on the terms of any legal agreement you may have signed to be formally part of another group action. Although it is likely that any agreement you have signed will contain provisions allowing you to terminate it, you may need to take your own professional advice to determine the extent of the commitment you might have already made.

On the other hand, if you have simply registered your interest with another group then, yes, you are able to register for RGL Woodford Group Litigation. You will have no commitment to the RGL Woodford Group Litigation until you sign RGL’s Litigation Management Agreement.

 
Q: Is it possible to be a claimant with more than one group action?

A: No. In deciding which group to join on a formal committed basis, the key consideration for any WEIF investor at the moment should be price: on success, how much will be deducted by the various “stakeholders” from any recovery of losses made? We are aware that some law firms are proposing a 30% deduction, even 42%! RGL’s view is that this is far too expensive for this type of case.

RGL is working towards a funding/insurance proposition for investors that we anticipate will be significantly less expensive than the offerings from other groups we have seen. There is no urgency as yet; committing to another group now will likely cost you significantly more in the future. You will have no commitment to the RGL Woodford Group Litigation until you sign our Litigation Management Agreement.

 
Q: I note that the surname of a member of the RGL team is Hargreaves. Can you confirm that there is no connection with Hargreaves Lansdown?

A: Neil Hargreaves is a founding member of the RGL Management Team and works on all of the RGL projects. He is not a relation (now or at any time previously) of anyone involved in Hargreaves Lansdown, and he has no connection (now or at any time previously) with the Hargreaves Lansdown business.

Register for Woodford legal action