RGL Management Limited said it has substantially increased the High Court group claim it has built against Hargreaves Lansdown by adding a further 1,700 investor claims.
RGL filed an initial claim in the High Court against Hargreaves Lansdown in London in October 2022. The claims management firm was one of several companies making a claim on behalf of investors who lost their savings deposited in the Woodford Equity Income Fund (WEIF), which collapsed in 2019.
Aggrieved investors claim that Hargreaves Lansdown was still promoting the fund even when it was aware of its problems.
Last chance to claim
RGL has now confirmed that the last date for claimant registrations will be Wednesday 30 April. After close of business on this date, no further registrations can be accepted.
This new tranche of claims increases the size of the total claimant group by an additional 25% and builds upon previous substantial tranches issued against Hargreaves Lansdown in October 2022, November 2024 and January 2025.
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Claims worth an average of £20,000
The total current number of claimants taking part in the RGL claim now stands at more than 8,300. The total value of the RGL claim is expected to be more than £200m, with average claims in the region of £20,000 including interest.
The first substantive stage of the High Court proceedings (exchange of statements of case) will begin when the claims are served in late May 2025.
Michael Green, director of RGL Management, said: “With those added today, we now have in excess of 8,300 claimants who have issued claims against Hargreaves Lansdown, but there remain thousands more who could potentially recoup their significant losses.
“RGL’s legal team is still working to process many more claims and the momentum of new registrations continues. However, the clock is now ticking. Soon the litigation will begin in earnest, once the claims are served, and after 30 April, RGL can no longer accept any new registrations.
“Any investors who invested in the WEIF via Hargreaves Lansdown should therefore register their interest today, before it’s too late. Average claims are likely to be around £20,000 and many may be significantly more. The claim is free to join, with no fees to be deducted until success.
“The RGL Group action remains the only route available to WEIF investors seeking to make a full recovery of the losses they suffered.”
Scheme of arrangement
The majority of trapped Woodford investors voted in favour of a scheme of arrangement in 2023, with the first payments made in March 2024.
Following the court’s approval of the scheme, RGL’s action against Hargreaves Lansdown is the only claimant group seeking to recover losses suffered by investors.
RGL said the claim is for investor losses sustained as a result of Hargreaves Lansdown’s conduct in continuing to recommend the WEIF right up to the day of its collapse in June 2019, despite Hargreaves Lansdown being aware of the fund’s long-standing portfolio diversification and liquidity issues.
As well as the balance of capital losses yet to be recovered, RGL claimants are also claiming damages for the loss of the opportunity of investing in alternative investments that, in contrast to the WEIF, would have generated positive returns.
Who can join the claim?
Anyone who invested directly in the WEIF via Hargreaves Lansdown can register their interest with the RGL Group, irrespective of whether or not they were still invested in the WEIF at the date of suspension in June 2019.
This includes those who were previously pursuing actions with other claimant groups against Link only.
There is nothing to pay to join the RGL Group claim and no fee will be deducted unless and until the court action is successful.
