Woodsford supports further major Australian class action filed against IG Markets Limited and IG Australia Pty Ltd (“IG”)
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.
The action alleges that IG engaged in misleading, deceptive and unconscionable conduct in its supply of CFDs and Binaries to retail investors and as a result retail investors suffered loss or damage by acquiring highly risky and unsuitable financial products.
Woodsford’s Senior Investment Officer, Alex Hickson commented “ASIC has looked at these financial products and has recognised the harm they can cause retail investors. Woodsford is committed to backing this action against IG on behalf of those people who have suffered loss trading these risky and complex products.”
“We are firmly committed to recovering compensation for retail investors who lost money purchasing IG’s CFDs and Binaries. These products are highly risky and involve significant and non-transparent fees.” Ding Pan, Principal of William Roberts Lawyers, said.
Retail investors who have suffered loss or damage as a result of acquiring CFDs or Binaries with IG can find out more and register for the class action on William Roberts’ website.
In addition to this class action against IG, Woodsford is currently backing numerous other major class actions in the UK, Australia and Europe including those brought by claimants against AMP, CBA, Westpac and ANZ Bank.