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?

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

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).
 

Omni Bridgeway Ltd (OBL) is the holder of Australian Financial Services Licence 557079 (“AFSL 557079”). Neither the funding of the class action by an Omni Bridgeway entity (“Omni Bridgeway”) nor the services provided by OBL in support of the class action are provided under AFSL 557079; rather OBL and Omni Bridgeway provide services and funding (respectively) to the class action on the basis that litigation funding schemes are an exempt financial product pursuant to the Corporations Regulations 2001. For the avoidance of doubt, your objectives, financial situation and needs have not been taken into account and you should consider whether the class action is appropriate for you taking any appropriate legal, financial or taxation advice you may require. Please note that neither OBL nor Omni Bridgeway is a member of the Australian Financial Complaints Authority.