HL Woodford Fund Class Action

Did anyone else loose money with HL Woodford Fund and are you registering interest in a Class Action against them ?
thisismoney.co.uk/money/investing/article-8875019/Were-going-court-say-lawyers-Neil-Woodford-fight.html
slatergordon.co.uk/group-litigation/investigatory-claims/woodford-investment-management-and-hargreaves-lansdown/

Thank you

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Comments

  • LHW99
    LHW99 Posts: 4,070
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    eskbanker said:
    There's no such thing as "HL Woodford Fund" - there were funds managed by Neil Woodford (fund manager) and some of these were promoted by Hargreaves Lansdown (platform), so, if you're thinking of signing up with some ambulance-chasers, make sure you know who you're going after....

    Agree - although I bellieve some of HL branded funds invested in Woodford.
  • dunstonh
    dunstonh Posts: 115,738
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    Agree - although I bellieve some of HL branded funds invested in Woodford.

    IIRC, none of the HL in house funds were suspended.     Or any other unfettered fund of funds that held Woodford Income.    In which case, any hypothetical ambulance chaser wouldn't be of any use.

    In scenarios like this, the only winners, irrespective of outcome are the CMCs and solicitors.  They get their money either way.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • masonic
    masonic Posts: 22,913
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    edited 20 March 2021 at 1:19PM
    LHW99 said:
    eskbanker said:
    There's no such thing as "HL Woodford Fund" - there were funds managed by Neil Woodford (fund manager) and some of these were promoted by Hargreaves Lansdown (platform), so, if you're thinking of signing up with some ambulance-chasers, make sure you know who you're going after....
    Agree - although I bellieve some of HL branded funds invested in Woodford.
    As dunstonh says, these were not suspended. Anyone who was awake would have been able to escape the HL MM funds at the frozen Woodford valuation. This would represent a better outcome than those who were stuck and those who remained in HL MM.
  • cjamie
    cjamie Posts: 6
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    I am actually in the middle of consolidating Share ISA and SIPPs with Vanguard, after investigating how they compared against HL products, fees etc.

    Thank for the advice about the class action
  • cjamie said:
    I am actually in the middle of consolidating Share ISA and SIPPs with Vanguard, after investigating how they compared against HL products, fees etc.

    Thank for the advice about the class action
    How they could be compared against HL is that Vanguardinvestor don't offer access to anything other than a limited number of Vanguard-managed products, while HL offer a small number of internal products but also many thousands of fund options run by other fund managers (including vanguard) and direct access to holding individual shares, bonds, investment trusts etc. As they are a more comprehensive service they have a higher cost, though cheaper rivals exist.

    The fact that someone wants to drag HL into a class action about a failed investment fund is neither here nor there when considering whether to invest in a Vanguard product or HL platform product.
  • I did, there are 4 different law firms arranging class actions.  Moist \red going after Link and I think one (RGL) is also going after HL.  
  • ChopperST
    ChopperST Posts: 1,257
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    edited 28 April 2021 at 11:37AM
    What exactly are people suing over?  A loss of some of all of your capital is to be taken into account when investing.  People weren't suing him when he made them stellar returns at Invesco.  You paid your money, you took your chance.  Caveat emptor.
  • Old_Lifer
    Old_Lifer Posts: 780
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    edited 28 April 2021 at 11:41AM
    And so  with who knows who at the reins the wagon rolls on,  with no map and no sense of direction and with those on board hoping to get where they would like to be.
  • eskbanker
    eskbanker Posts: 29,964
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    ChopperST said:
    What exactly are people suing over?  A loss of some of all of your capital is to be taken into account when investing.  People weren't suing him when he made them stellar returns at Invesco.  You paid your money, you took your chance.  Caveat emptor.
    Investors can't sue solely on the basis of poor performance, but if there was some degree of negligence involved, in running the funds in such a way that they no longer complied with their stated strategy, then that's potentially a different matter....
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