IG Markets Class Action

IG Markets Class Action


Omni Bridgeway is co-funding a consolidated class action against IG Markets Limited and IG Australia Pty Limited (together, IGM) on behalf of retail investors who acquired contracts for difference (CFDs), and subsequently suffered loss and damages.

On 08 February 2024, the Federal Court of Australia ordered that two class actions against IG Markets Limited, be consolidated into one set of consolidated proceedings known as James Slater v IG Markets Limited (ACN 099 019 851) (VID301/2023) (Consolidated Class Action). 

Omni Bridgeway together with Woodsford (“the Funders”) are funding the Consolidated Class Action on behalf of group members. The Funders have instructed Piper Alderman and William Robert Lawyers (“the Lawyers”) to conduct the Consolidated Class Action on behalf of group members.

If you are a retail investor who acquired CFDs from IGM during the period of 4 May 2017 to 11 August 2023, and you have suffered loss and damages, you are invited to register your interest with Omni Bridgeway below.

Background  

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 Consolidated Class Action alleges that IGM engaged in:

  1. 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
  2. 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 during the period of 4 May 2017 to 11 August 2023.
 

How do I participate in the class action?

The matter is filed as an ‘open class action’ on behalf of all current and former retail investors who acquired CFDs from IGM during 4 May 2017 to 11 August 2023. If you are an eligible investor, you have the option to register your interest with Omni Bridgeway.

If you register your interest in the class action, you will receive updates as the class action progresses. Registration is free and without obligation. Merely registering your interest via this website does not bind you to any contract or commitment.

To register your interest, you can do so by clicking on the “Register your Interest” 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 016 464 (free call in Australia) or +61 8 9225 2322 (if overseas).