Woodford compensation and No Win No Fee fees

BungalowBliss123

MapsterUK said:

Does anyone have a copy of their contract? Im struggling to find mine. Everything was signed online with a click with only links sent to the documents and now those links are dead now that the website has been taken down. 

I can’t find anything I’d signed up to, and there are links in older Harcus Parker emails that don’t work.  I don’t know what details I provided them initially other than an email address

BungalowBliss123

masonic said:

BungalowBliss123 said:

masonic said:

BungalowBliss123 said:

jimjames said:

BungalowBliss123 said:

jimjames said:

BungalowBliss123 said:

brewerdave said:

BungalowBliss123 said:

It shouldn’t do any harm bringing all of what’s happening to the attention of journalists.  Personally, I’ve received no compensation.  There’s a link in an email from Harcus Parker where they want the amount of original funds held in the Woodford fund entered.  Are they seriously expecting a huge percentage of what our original funds were, regardless of whether or not compensation has been paid?

Are you sure you haven't received something ? I got relatively small amounts into two ISAs ,one with HL and one with Charles Stanley plus another amount back in my SIPP. . For example ,the "compensation" was listed as "Scheme Proceeds CF Woodford Eq " in April 2024 on my Charles Stanley statement.
And ,yes ,they are asking for ~ 64% of my received amounts!!

They wouldn’t have known where to pay it into as they didn’t have any account details

Did you not receive any of the correspondence from Link administration or the voting forms? If so you are in a much stronger position although have obviously missed out on the money too.

I’ve checked through my inbox (I typed in “Woodford” to the search box), and all correspondence listed is from Harcus Parker, and there were no voting form attachments.  I’m genuinely ok with not receiving ‘compensation’.  

I checked my email and the key ones I can see used the words LF Equity Income Fund 

I typed “LF Equity Income Fund” into my inbox search box, and the emails that appeared are from my then platform investment funding provider in 2019 (notifying me of the Woodford fund suspension) and in 2020 (saying the price per share of what LFS was selling at).  But nothing since then.  I wouldn’t call the amount that LFS sold my shares at as ‘compensation’, and I haven’t received any money since then.  Are Harcus Parker expecting 35% + VAT, plus that insurance premium out of the money that LFS sold my shares at in 2020?  

The redress was arranged during the course of 2023 and approved in early 2024. Harcus Parker wouldn't be entitled to a share of any monies you already received prior to signing up with them.

Harcus Parker appear to be basing their ‘invoice’ on the amount the funds were valued at at the time of its suspension, and not at the time when each investor signed up to Harcus Parker’s ‘litigation’ - should they be doing that?  Your message makes complete sense, while Harcus Parker’s attempts to make money from ‘compensation’ paid to investors prior to the commencement of any ‘litigation’ seems unethical

I think you must be mistaken. You can get a ballpark figure for the compensation from the FCA redress calculation. This appears to be about 7.7p per share. Whereas prior to the class action and redress scheme (between Nov 2018 - May 2019), investors got back about 67p per share. So to me that looks like the invoice should come to less than £500 per £10,000 you had invested at the time of suspension.

What is on your invoice, and how does that compare with the value of your shares at suspension?

I haven’t been sent an invoice yet.  Harcus Parker have asked for the “share class” and the number of shares at the time the fund was suspended.  It looks like they’ll base the invoice on that information?  35% plus VAT plus the share of the insurance premium.  How much are they invoicing for that insurance premium?

brewerdave

BungalowBliss123 said:

masonic said:

BungalowBliss123 said:

masonic said:

BungalowBliss123 said:

jimjames said:

BungalowBliss123 said:

jimjames said:

BungalowBliss123 said:

brewerdave said:

BungalowBliss123 said:

It shouldn’t do any harm bringing all of what’s happening to the attention of journalists.  Personally, I’ve received no compensation.  There’s a link in an email from Harcus Parker where they want the amount of original funds held in the Woodford fund entered.  Are they seriously expecting a huge percentage of what our original funds were, regardless of whether or not compensation has been paid?

Are you sure you haven't received something ? I got relatively small amounts into two ISAs ,one with HL and one with Charles Stanley plus another amount back in my SIPP. . For example ,the "compensation" was listed as "Scheme Proceeds CF Woodford Eq " in April 2024 on my Charles Stanley statement.
And ,yes ,they are asking for ~ 64% of my received amounts!!

They wouldn’t have known where to pay it into as they didn’t have any account details

Did you not receive any of the correspondence from Link administration or the voting forms? If so you are in a much stronger position although have obviously missed out on the money too.

I’ve checked through my inbox (I typed in “Woodford” to the search box), and all correspondence listed is from Harcus Parker, and there were no voting form attachments.  I’m genuinely ok with not receiving ‘compensation’.  

I checked my email and the key ones I can see used the words LF Equity Income Fund 

I typed “LF Equity Income Fund” into my inbox search box, and the emails that appeared are from my then platform investment funding provider in 2019 (notifying me of the Woodford fund suspension) and in 2020 (saying the price per share of what LFS was selling at).  But nothing since then.  I wouldn’t call the amount that LFS sold my shares at as ‘compensation’, and I haven’t received any money since then.  Are Harcus Parker expecting 35% + VAT, plus that insurance premium out of the money that LFS sold my shares at in 2020?  

The redress was arranged during the course of 2023 and approved in early 2024. Harcus Parker wouldn't be entitled to a share of any monies you already received prior to signing up with them.

Harcus Parker appear to be basing their ‘invoice’ on the amount the funds were valued at at the time of its suspension, and not at the time when each investor signed up to Harcus Parker’s ‘litigation’ - should they be doing that?  Your message makes complete sense, while Harcus Parker’s attempts to make money from ‘compensation’ paid to investors prior to the commencement of any ‘litigation’ seems unethical

I think you must be mistaken. You can get a ballpark figure for the compensation from the FCA redress calculation. This appears to be about 7.7p per share. Whereas prior to the class action and redress scheme (between Nov 2018 - May 2019), investors got back about 67p per share. So to me that looks like the invoice should come to less than £500 per £10,000 you had invested at the time of suspension.

What is on your invoice, and how does that compare with the value of your shares at suspension?

I haven’t been sent an invoice yet.  Har. cus Parker have asked for the “share class” and the number of shares at the time the fund was suspended.  It looks like they’ll base the invoice on that information?  35% plus VAT plus the share of the insurance premium.  How much are they invoicing for that insurance premium?

If they haven't got the info to charge on, how can they claim anything! DON'T tell them Pike ! 

RL11

Back in December 2020 I got an email from Harcus Parker (Damon Parker) stating:
"Our records indicate that you started but did not submit a registration to join the litigation. Please click on 'Begin Survey' below if you would like to register your claim."

I responded:
"I thought I had mistakenly joined the litigation but am glad to hear that I have not, so as per my subsequent emails, I do not wish to proceed and am confirming again that I do not want to be involved. Please can you confirm that I am not taking part in the claim and that you have removed any of my personal information from your records."

They (Samuel Wilson) responded:
"I can confirm that I have removed you from our contact list. For your reference only, I have attached our terms and conditions."

Forward to September 2025, completely out of the blue, I get an email asking for payment of their invoice!

I forwarded the above info to woodford@harcusparker.co.uk and got no response

October I get an email saying I had not responded and they require payment of the invoice!

I sent another email to info@harcusparker.co.uk asking if they were aware of a scam purporting to be from Harcus Parker asking for money - no response yet.

Obviously I have no intention of clicking the link or paying anything

adesshimane

Re postings on this subject:

I received an HP invoice via their email  about Sep 23rd

In response I sent them the following email:

I refer to the Summary of share holding(s) & proforma invoice on my online HP account in particular the following statement :

'As we have explained in earlier emails, as you have received compensation in settlement of your claim, this would represent a “win” under our No-win-No-fee terms. This means that Harcus Parker is entitled to charge you a fee, in accordance with our terms, subject to a cap of 35% of any compensation you receive (+VAT)'.

I am unable to locate this earlier email that explains the above. 

However, by reference to the clauses in the Client Engagement Letter, Schedule 4 DBA,

Section 5.3 If Win will pay ..35% plus VAT ...etc

Section 5.2 Win -if awarded Claim Proceeds

Section 5.1 Claim Proceeds-sum recovered in respect of the Claim

Section 4.2 Claim =work done by HP in respect of the Claim....

Yet Link Fund Solutions Limited (LFSL) entered into a scheme of arrangement to wind itself up. By doing so the 
amount of "compensation" was self determined.

The Link scheme of arrangement was approved by a High Court judge and the HP Claim was completely rejected by the Judge.

So how does this constitute a 'win' in terms of the Client Engagement, as there were no 'Claim Proceeds' by 'Claim=work done by HP' per the terms in the Client Engagement letter .

Please explain your basis, and/or provide the above mentioned earlier email if it explains this.

I would appreciate your clarifications/explanations before I proceed any further '


To date apart from auto email acknowledgement of receipt, I have not received any reply from HP.

Nb I am newbie to this Forum so as yet unable or not authorised to upload copy of the HP Client Engagement Letter (20 odd pages long) that specifies the terms and conditions defining  charging/win/lose etc.I quoted from above.

When/if I get HP reply or ability to upload I will post again.

BungalowBliss123

adesshimane said:

Re postings on this subject:

I received an HP invoice via their email  about Sep 23rd

In response I sent them the following email:

I refer to the Summary of share holding(s) & proforma invoice on my online HP account in particular the following statement :

'As we have explained in earlier emails, as you have received compensation in settlement of your claim, this would represent a “win” under our No-win-No-fee terms. This means that Harcus Parker is entitled to charge you a fee, in accordance with our terms, subject to a cap of 35% of any compensation you receive (+VAT)'.

I am unable to locate this earlier email that explains the above. 

However, by reference to the clauses in the Client Engagement Letter, Schedule 4 DBA,

Section 5.3 If Win will pay ..35% plus VAT ...etc

Section 5.2 Win -if awarded Claim Proceeds

Section 5.1 Claim Proceeds-sum recovered in respect of the Claim

Section 4.2 Claim =work done by HP in respect of the Claim....

Yet Link Fund Solutions Limited (LFSL) entered into a scheme of arrangement to wind itself up. By doing so the 
amount of "compensation" was self determined.

The Link scheme of arrangement was approved by a High Court judge and the HP Claim was completely rejected by the Judge.

So how does this constitute a 'win' in terms of the Client Engagement, as there were no 'Claim Proceeds' by 'Claim=work done by HP' per the terms in the Client Engagement letter .

Please explain your basis, and/or provide the above mentioned earlier email if it explains this.

I would appreciate your clarifications/explanations before I proceed any further '


To date apart from auto email acknowledgement of receipt, I have not received any reply from HP.

Nb I am newbie to this Forum so as yet unable or not authorised to upload copy of the HP Client Engagement Letter (20 odd pages long) that specifies the terms and conditions defining  charging/win/lose etc.I quoted from above.

When/if I get HP reply or ability to upload I will post again.

Thank you for sharing this.  Do you intend on paying the amount HP has invoiced you for?  It just seems so ridiculous that HP is trying to portray this as a ‘win’, when really all they’re doing is trying to screw over investors who’ve already been well and truly screwed over.  Hopefully HP will back off and not pursue as they had promised in a Times article

adesshimane

BungalowBliss123 said:

adesshimane said:

Re postings on this subject:

I received an HP invoice via their email  about Sep 23rd

In response I sent them the following email:

I refer to the Summary of share holding(s) & proforma invoice on my online HP account in particular the following statement :

'As we have explained in earlier emails, as you have received compensation in settlement of your claim, this would represent a “win” under our No-win-No-fee terms. This means that Harcus Parker is entitled to charge you a fee, in accordance with our terms, subject to a cap of 35% of any compensation you receive (+VAT)'.

I am unable to locate this earlier email that explains the above. 

However, by reference to the clauses in the Client Engagement Letter, Schedule 4 DBA,

Section 5.3 If Win will pay ..35% plus VAT ...etc

Section 5.2 Win -if awarded Claim Proceeds

Section 5.1 Claim Proceeds-sum recovered in respect of the Claim

Section 4.2 Claim =work done by HP in respect of the Claim....

Yet Link Fund Solutions Limited (LFSL) entered into a scheme of arrangement to wind itself up. By doing so the 
amount of "compensation" was self determined.

The Link scheme of arrangement was approved by a High Court judge and the HP Claim was completely rejected by the Judge.

So how does this constitute a 'win' in terms of the Client Engagement, as there were no 'Claim Proceeds' by 'Claim=work done by HP' per the terms in the Client Engagement letter .

Please explain your basis, and/or provide the above mentioned earlier email if it explains this.

I would appreciate your clarifications/explanations before I proceed any further '


To date apart from auto email acknowledgement of receipt, I have not received any reply from HP.

Nb I am newbie to this Forum so as yet unable or not authorised to upload copy of the HP Client Engagement Letter (20 odd pages long) that specifies the terms and conditions defining  charging/win/lose etc.I quoted from above.

When/if I get HP reply or ability to upload I will post again.

Thank you for sharing this.  Do you intend on paying the amount HP has invoiced you for?  It just seems so ridiculous that HP is trying to portray this as a ‘win’, when really all they’re doing is trying to screw over investors who’ve already been well and truly screwed over.  Hopefully HP will back off and not pursue as they had promised in a Times article

No, I do not intend paying amount in  invoice until/unless HP reply to my email satisfactorily justifying how it is a 'win' under the terms of the Client Engagement Letter.

adesshimane

Uploading 1 of 2 jpg files, Client Engagement Letter Schedule 4 DBA, page 20

masonic

The issue therefore seems to be the breadth of 'Claim proceeds' which includes any damages awarded to you (not just the sum recovered in respect of the Claim itself).

atypical

To clarify what happened here, Link was subject to many claims against it relating to Woodford. This included three 'no win no fee' groups being Leigh Day, Harcus Parker and Wallace representing >20,000 investors.

Rather than fight every claim against them individually, Link chose to settle ALL claims against them by ANY party forever through a Scheme of Arrangement.  This is a process overseen by the High Court and voted on by creditors / investors.

The Harcus Parker claim was very much part of this Scheme.  Harcus Parker objected to the Scheme on several grounds (through the KC / barrister they instructed), all of which were rejected by the judge.

There is a direct link between the Harcus Parker defined term 'Claim' and the defined term 'Claim Proceeds'.  It seems very difficult to claim their fee is not payable, or that the proceeds received are wholly unconnected to their work pursuing the claim.