IG Markets Class Action
Omni Bridgeway is funding a class action on behalf of retail investors who acquired contracts for difference (CFDs) from IG Markets Ltd (IGM), and who have suffered loss and damage. The class action is to be run by Piper Alderman.
Retail investors who acquired CFDs from IGM are invited to sign up with Omni Bridgeway below.
IGM operates an online trading and investment platform through which retail investors are able to trade in CFDs. A CFD is a leveraged financial product which enables investors to take a position on the movement of an underlying asset, without owning an interest in the asset itself.
As a CFD is a leveraged product, the retail investor only pays a fraction of the underlying asset’s value to open the trade, however, is exposed to potential losses that can far exceed the amount of that initial investment. For these reasons, among others, it will be alleged that CFDs and binary options are highly risky and unsuitable for most retail clients, and that IGM bears responsibility for losses suffered by retail clients.
Cause of Action
Generally, the class action alleges that IGM engaged in:
- a ‘system of conduct’ or ‘pattern of behaviour’ in relation to the provision of CFDs to retail clients that was unconscionable in contravention of section 991A of the Corporations Act and s12CB of the ASIC Act; and
- misleading and deceptive conduct, in breach of sections 1041H of the Corporations Act and 12DA of the ASIC Act.
Class Action Eligibility
To be eligible to join this class action, you must be a retail investor and have acquired CFDs from IG Markets Ltd within the last 6 years.
How Do I Sign Up
The Class Action is brought on an ‘open’ basis, that is, on behalf of all current and former retail investors who acquired CFDs from IG Markets Ltd within the past 6 years and have suffered loss or damage, whether or not they sign up to the funding agreement. If you do not wish to take part in the Class Action, you will need to opt out in accordance with the relevant court rules.
Omni Bridgeway encourages all group members who do not wish to opt out to sign up so that Omni Bridgeway can include you as ‘known’ funded group members and ensure you receive regular updates regarding the Class Action and, most importantly, so that any distribution from the proceeds of the Class Action to which you may be entitled is properly paid to you.
To sign up, you can do so by clicking on the “Sign up” button below. Alternatively, you can contact the Omni Bridgeway Client Liaison Team in our Perth office by email on [email protected]
or by calling 1800 016464
(free call in Australia) or +61 8 9225 2322
Please return your completed and signed Funding Agreement as soon as practicable.