IG Markets Class Action
Omni Bridgeway is investigating a proposed class action on behalf of retail investors who acquired contracts for difference (CFDs
) from IG Markets Limited (IGM
), and who have suffered loss and damage. The class action is proposed to be run by Piper Alderman.
Retail investors who acquired CFDs from IGM are invited to register their details 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 will allege 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.
How Do I Sign Up
You can register your interest to receive information about becoming a funded client and will be updated on key developments as the class action progresses. Registration is free and without obligation. Merely registering via this website does not bind you to any contract or commitment.
If you have any queries, you can contact the Omni Bridgeway Client Liaison Team by email on [email protected] or free call 1800 016 464.