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IG Markets Class Action

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IG Markets Class Action

The Claim

On 5 May 2022, Piper Alderman filed a class action in the Federal Court of Australia against IG Markets Limited on behalf of investors who traded contracts for difference (CFDs) with IG Markets, James Slater and Anor v IG Markets Limited VID 301/2023 (the Slater Proceeding).

A CFD is a ‘leveraged’ financial product that enables investors to take a position on the movement of an underlying asset – such as a share, a share price index, a commodity, a currency or even a crypto currency – without owning the asset itself.

On 18 August 2023, William Roberts Lawyers (WRL) commenced a similar class action against IG Markets Limited and IG Australia Pty Limited, Deon Singh v IG Markets and Anor VID 631/2023 (the Singh Proceeding). Following a period of conferral, Piper Alderman, WRL and their respective litigation funders agreed to consolidate the class actions and, on 8 February 2024 his Honour Justice Beach made orders which, among other things, consolidated the class actions (the Class Action).

The Class Action alleges that IG Markets and IG Australia (together, IG) failed to adequately assess investors’ objectives and financial situations, and inadequately disclosed the risks of CFDs until the Australian Securities and Investments Commission introduced strict new conditions on CFDs to protect inexperienced investors in March 2021. Specifically, the Class Action alleges that IG engaged in misleading and deceptive conduct and unconscionable conduct and, as a result of same, Group Members suffered loss or damage.

The Class Action is being funded by litigation funders Omni Bridgeway and Woodsford.

Group Members

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 IG; 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 IG.

Registering your details

Individuals who have suffered loss or damage through trading CFDs during the Relevant Period are encouraged to register their interest in the Class Action through Omni Bridgeway’s website here.

Piper Alderman encourages all Group Members, who do not wish to opt out, to sign up so that Omni Bridgeway can include you as ‘known’ funded group members and ensure you receive important updates regarding the Class Action and, most importantly, so that any distribution from the proceeds of the Class Action to which you may be entitled is properly paid to you. 

If you have any questions regarding the class action, please contact us by email at [email protected].


	







			
 
		

	
 


		

	

	

  

      

          

              

                  

                      

                  

                  

              

              

                  

                      

                      

                          


                              

                                  

                                      

                                  

                                  

                                                                            

                                      
                                  

                              

                          

                      

                  

              

          


      

  

  



	

				


		


			
			


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