Thompsons Solicitors are the only law firm in Scotland representing those who have suffered financial loss following the biggest investment scandal in the UK within the past decade.
The Woodford Equity Income Fund (WEIF) was the flagship fund of Woodford Investment Management Limited. The fund was heavily promoted by investment platforms throughout the UK and, in particular, by the UK’s leading investment platform – Hargreaves Lansdowne.
WEIF was suspended in June 2019 and its winding up was announced in October 2019. Approximately 300,000 investors have been left powerless as they watch their savings decrease in value while still trapped in the now defunct fund.
Will I get my investment back?
Investors should hope to receive some of their money back, albeit in stages, but have been told to brace themselves for heavy losses with some news outlets predicting losses of up to 40-50%. To add insult to injury there is still no clear time frame for the repayment of funds.
Who are Link Fund Solutions?
Link Fund Solutions are the company ultimately responsible for operating the WEIF. Link failed in their duty to properly supervise the fund. They failed to protect investors from the fund managers, acting out with their remit, who gambled on risky, unquoted and illiquid stocks and shares resulting in huge losses.
The Financial Conduct Authority launched an investigation into the conduct of Link following the collapse of the fund. The probe is still on-going with no clear timescale for their published findings.
Thompsons Solicitors are the only law firm in Scotland fighting for those affected.
What is a Group Action?
The Civil Litigation (Expenses and Group Proceedings) (Scotland) Act 2018 enables groups of two or more people to bring court proceedings together in a single action in the Court of Session. An action usually arises where a group of individuals have been wronged and their respective claims share the same legal issues and facts.
Essentially, there is less risk to your individual claim by being part of our group action. It means that we do not have to charge you a fee at the outset in order to investigate your claim. It also means we do not charge you a fee if your claim is ultimately unsuccessful.
Who will the Group Action be against?
Our group action is directed against Link Fund Solutions who failed in their duty, as the fund’s authorised corporate director, to properly manage the fund
Am I Eligible to Join the Group Action?
You may be eligible to join our group if you meet the following criteria:
- You have invested funds directly in the WEIF (this can be either on your own or through an investment platform such as Hargreaves Lansdowne)
- Your savings has been trapped in the fund since it was suspended and wound down in 2019
- You have not already instructed another firm to act on your behalf
- You have not lodged a complaint with the Financial Ombudsman Service
The specific investment platform that you chose to invest in WEIF (for example Hargreaves Lansdowne, A J Bell, Fidelity or Close Brothers) does not affect your eligibility, however, if you invested in a separate fund which, in turn, invested in WEIF on your behalf then you will not be eligible to be included in the group action.
If you have suffered a loss from investing in WEIF then you should join our group action as you may be entitled to compensation.
How do I Join?
If you wish to join our group action, then please complete the form below. Once completed you will receive both our Terms of Business as well as our Damages Based Agreement (DBA). The DBA effectively operates as a No Win No Fee agreement.
How long will the Group Action take?
Group actions like ours will take time given the nature of the claims and potential level of compensation involved. While it is impossible to give exact timescales at the outset, investors should be aware that the action could potentially take 2-3 years before there is a resolution to your claim.
Talk to Thompsons today on 0800 0891 331 or complete our online form.