Hargreaves Lansdown faces legal action over Woodford fund

Letters Before Action sent to HL and Link Fund Solutions

RGL Management has formally launched legal action against Hargreaves Lansdown, which continued to recommend Woodford Equity Income to its clients right up until its suspension in June 2019, even though its analysts raised concerns in 2017.

RGL Management has taken legal action against both Hargreaves Lansdown Asset Management and Link Fund Solutions, the fund's authorised corporate director, as it was first reported by This Is Money and The Times. The claims will centre around losses sustained directly as a result of the collapse of WEIF and also for "loss of opportunity" losses, suffered through missing out on alternative investments that, in contrast to WEIF, would have generated positive returns. RGL's letter before action, sent by Wallace, a London law firm, claims that Hargreaves Lansdown failed to "provide accurat...