IG Markets Class Action
On 5 May 2022, Piper Alderman filed a Class Action in the Federal Court of Australia against IG Markets Ltd on behalf of investors who traded contracts for difference (CFDs) with IG Markets. 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, the firm and funder noted in a joint statement.
The Class Action alleges that IG Markets 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 Markets engaged in misleading and deceptive conduct and unconscionable conduct and, as a result of same, Group Members suffered losses.
Group Members are persons who traded CFDs with IG Markets between 4 May 2017 and 28 March 2021, were not institutional or professional investors and suffered losses by reason of the conduct alleged against IG Markets.
The Class Action is being funded by the world’s largest legal finance firm, Omni Bridgeway.
Individuals who have suffered losses through trading CFDs are encouraged to register their interest to receive further information about the proposed class action through Omni Bridgeway’s website. 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 regular 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.