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Hargreaves Lansdown group claim

Thank you for your interest in our investigation into the relationship between Hargreaves Lansdown and the funds operated by Woodford Investment Management.

Leigh Day is being contacted by an increasing number of individuals who lost money after relying on the advice and/or recommendations of Hargreaves Lansdown and invested money in Woodford funds.  

Lawyers Bozena Michalowska-Howells, head of consumer law at Leigh Day and one of the joint lead lawyers in the legal action being taken against Volkswagen on behalf of UK drivers over alleged ‘cheat devices’, and solicitor Kamran Vojdani are leading the investigation.

The relationship between Hargreaves Lansdown and and the Woodford Funds is called into question not least because Hargreaves Lansdown upgraded and continued to include the Woodford Equity Income Fund in its Wealth 50 list of recommended funds, up until the fund was suspended in June 2019.  

At the same time, reports suggest that since November 2017 Hargreaves Lansdown had raised with Woodford Investment Management its concerns about the liquidity of the Equity Income Fund.
We believe that Hargreaves Lansdown either knew or should have known that Woodford Funds, in particular the Woodford Equity Income Fund, were in trouble. We are investigating whether Hargreaves Lansdown misrepresented the health of the Woodford Equity Income Fund whilst continuing to recommend it, resulting in significant losses for their clients.” 
Peter Hargreaves, founder of Hargreaves Lansdown, said the following to the Sunday Times:
“It’s annoyed the hell out of me that it would appear he [Woodford] has not been truthful with Hargreaves Lansdown. But it’s also annoyed me that they [Hargreaves Lansdown] let it go on so long.” 

“Woodford has been in this situation before and had always come good and the last thing you want to do is tell your investors to sell and next week it all goes right. The problem was Hargreaves Lansdown had too much with him.”
Leigh Day is investigating a claim for recovery of lost investment on behalf of Hargreaves Lansdown customers who invested in all three of the Woodford Funds, Equity Income, Income Focus and Patient Capital, as well those who invested in Hargreaves Lansdown multi-manager funds with holdings in Woodford Funds.

If you are an investor and you believe you have lost money, whatever the amount, from investing in the Woodford Equity Income Fund through Hargreaves Lansdown and you are interested in pursuing legal proceedings, please fill out the form and add your name to a long list of investors who would like compensation for their losses.

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