Harcus Parker quietly prepares its ground before shouting from the rooftops over what it is up to. So whilst it has not made a big rumpus yet, we have learnt that it has had funding in place for its Woodford case for some time, and filed its letter of intent (a crucial step) on the ACD to the Woodford funds, Link Solutions, last summer. Now Harcus Parker is on the verge of filing its claim. And that is a good reason to endorse it.
One organisation that spent the Woodford years attacking Mr Woodford’s biggest critics, viz ourselves, while giving Neil a clear run and which even praised the coverage in a paper which blew off Woodford with its coverage almost right up to the end, has suggested that the lawyers at Leigh Day are the folks to back. Leigh Day may have made a big noise, but my understanding is that it is nowhere near filing a claim and, indeed, has not even filed a letter of intent which means it must be at least four months away from filing at a minimum. I reckon that it might not actually file until next year.
Some have even questioned the economics of Leigh Day’s case: it suggests that it will only charge 30% of winnings – if it wins at all – which would be very cheap. But I wonder if it will manage to sign up enough folks to make its case economic to run. Legal action such as is suggested, on a “no-win-no-fee” basis is very expensive: does that explain why Leigh Day is making such a big noise before even serving a letter of intent?
On the other hand, the team at Harcus Parker already has enough claimants signed up and the letter of intent was sent off last year – which is why it is almost ready to file and I expect to hear of that in a matter of weeks – possibly this month, but certainly by the end of March. And the Harcus Parker case is also on a “no-win-no-fee” basis for claimants.
So I believe the team at Harcus Parker is way out in front of the pack. Moreover, I gather that the team at Harcus Parker has form against Link, having whipped it in another case with some similar issues.
For the time being, any claim will not be against Neil Woodford personally but against his ACD, Link Solutions, which was – as this website showed – repeatedly negligent in terms of allowing bogus valuations of unquoted stocks, shocking related party deals and other matters. And for now, the focus is on the former Woodford Equity Income Fund – but I also know that Harcus Parker is looking at all the players – including Woodford himself – and all the Woodford funds so watch this space.
We have, for a small fee, allowed Harcus Parker to use all the articles on this website and myself and Nigel Somerville will be happy to assist Harcus Parker in any way we can to ensure that it wins, wins big and wins as quickly as possible. Woodford may not be in the firing lines himself just yet but when Link loses the case it will send a clear signal to all other ACDs that Woodford is not a man to support with another venture and that ACDs have responsibilities which must be upheld. Who knows? It might even spur the floor shitters round at the FCA into action against Woodford himself