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 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 and/or IG Australia Pty Limited, be consolidated into one set of consolidated proceedings known as Brad Stuart Tarbotton v IG Markets Limited (ARBN 099 019 851) and IG Australia Pty Limited (ACN 096 585 410) (VID301/2023) (Class Action). 

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

Class Action Eligibility

Group Members are defined as persons who:

• during the period 4 May 2017 to 11 August 2023 (inclusive) (Relevant Period):
  • entered into, or acquired an interest in, one or more CFDs issued by IGM; and
  • were not professional investors;
• were resident or ordinarily resident in Australia at the time they entered into, or acquired an interest in, the CFDs; and
• suffered loss or damage as a result of the conduct alleged against IGM.

If you meet the above criteria 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. 

How do I participate in the class action?