Woodsford supports further major Australian class action filed against IG Markets Limited and IG Australia Pty Ltd (“IG”)
14 AUGUST 2023. A class action was filed on Monday (14 August 2023) in the Federal Court of Australia relating to IG’s offering of over-the-counter derivative products known as contracts for difference (“CFDs”) or binary options (“Binaries”) to retail investors from 4 May 2017 to 11 August
2023. The action is being funded by Woodsford, a leading global ESG, access to justice and litigation finance business. The applicant is represented by law firm William Roberts Lawyers. Read full release
Proposed IG Class Action – WOODSFORD Press Release
William Roberts Lawyers are investigating a potential class action against IG Markets Limited and/or IG Australia Pty Ltd
28 March 2023 – SYDNEY
William Roberts Lawyers has announced it is investigating a potential class action against IG Markets Limited and/or IG Australia Pty Ltd (together, IG). The proposed class action will be brought on behalf of retail traders who suffered loss as a result of acquiring “Contracts for Difference” (CFDs) and/or “binary options” (binaries) from IG.
The class action will allege that IG engaged in misleading and unconscionable conduct in relation to the provision of CFDs and/or binaries to retail clients.
Lead Principal for the investigation, Ding Pan said ”the investigation focuses on claims that IG held out that CFDs were a suitable product for retail investors, when in fact they were highly risky, could cause significant and rapid losses and were not suitable investments for retail investors.”
BACKGROUND INFORMATION
IG offers various financial products and services to retail and institutional clients through its electronic platforms. These products include CFDs and binaries (the latter of which was banned by ASIC from 3 May 2021).
A CFD is a derivative whose value is determined or varies by reference to the change in the value of an underlying asset between the times of acquisition and termination. The underlying assets can include currency pairs, equity indices, single equities, commodities and crypto-assets. The holder of the CFD can open either a long or short position.
A binary is a derivative that involves the holder making an “all or nothing” bet on the occurrence or non-occurrence of an event within a specified timeframe. If the bet is correct, the holder receives a pre-determined cash payout, less any fees and costs. If the bet is not correct, the client loses their initial investment together with any fees and costs.
WHAT CAN AFFECTED RETAIL TRADERS DO?
Retail investors who believe they may be affected can register their interest in the proposed class action
ABOUT WILLIAM ROBERTS LAWYERS
William Roberts is a leading law firm with a focus on dispute resolution and litigation, with significant expertise in class actions. William Roberts has offices in Sydney, Melbourne, Brisbane and Singapore.
For further information please visit William Roberts Lawyers
