IG Markets Class Action

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.

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 class action will allege 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 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.

Omni Bridgeway also notes the following:

  • This website is established for the sole purposes of gauging the levels of interest in participating in funded litigation, it is not a commitment by any party to participate in funded litigation in the future, including by you.
  • By registering an interest in participating in funded litigation, you consent to Omni Bridgeway Investment Management Limited or Omni Bridgeway Limited (Authorised Representative of Omni Bridgeway Investment Management Limited) (ABN 45 067 298 088, Authorised Representative No 1283703) contacting you and providing further information in relation to litigation funding.
  • To the extent that a Product Disclosure Statement (PDS) is made available, you should consider with or without the assistance of your professional advisers whether or not to participate in the litigation funding to which the PDS relates.

Target Market Determination

This target market determination is required under section 994B of the Corporations Act 2001 (Cth) (Corporations Act) and relates to the proposed funding of a class action relating to IG Markets and the sale of contracts for difference (Class Action).

The IG Markets Litigation Funding Scheme (Scheme) is designed to manage the financial risks associated with participation by any claimant with a valid claim in the Class Action. 
 
The details of any dealings outside the target market that a distributor is aware of or any complaint (as defined in section 994A(1) of the Corporations Act) relating to the product design, product availability and distribution of the Scheme received by a distributor must be reported to OBIML within 10 business days following the end of a calendar quarter.

The details of any significant dealings outside the target market that a distributor is aware of must be reported to OBIML as soon as practicable but no later than 10 business days of becoming aware of the significant dealing.

This target market determination is reviewed every 2 years and must be reviewed within 10 business days following a determination by OBIML that significant dealing outside the target market determination has occurred.