Investors sue Hargreaves

INVESTORS have launched a legal action against Hargreaves Lansdown over its role in the Woodford fund scandal.

When the £3.8bn Woodford Equity Income Fund collapsed in June 2019 thousands lost savings.

Law firm RGL Management said Hargreaves recommended the fund to clients ‘right up to the day of the fund’s collapse, despite being aware of long-standing portfolio diversification and liquidity issues’.

If the courts go against Hargreaves, the compensation bill could run to hundreds of millions of pounds.