Woodsford supports further major Australian class action filed against International Capital Markets Pty Limited (“IC Markets”)

A class action was filed on Tuesday, 6 February 2024, in the Federal Court of Australia relating to the offering of over-the-counter derivative products known as contracts for difference (“CFDs”) by IC Markets to retail investors from 6 February 2018 to 6 February 2024.

The action alleges that IC Markets engaged in misleading, deceptive and unconscionable conduct in its supply of CFDs to retail investors and as a result retail investors suffered loss or damage by acquiring highly risky and unsuitable financial products.

Woodsford remains committed to providing avenues for collective redress to consumers and so is proud to be funding this action brought by leading Australian class action law firm, Piper Alderman.

Woodsford’s Chief Investment Officer, Charlie Morris, 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 IC Markets on behalf of those people who have suffered loss trading these excessively risky and complex products.

Piper Alderman is pleased to have commenced this class action on behalf of everyday Australian retail investors, many of whom have suffered significant financial losses and distress as a result of being offered highly-leverage CFDs when they had little or no experience in trading complex financial products. The class action seeks to provide a remedy and recover losses for those retail investors.Kate Sambrook, Partner of Piper Alderman, said.

Retail investors who have suffered loss or damage as a result of acquiring CFDs with ICM can find out more and register for the class action on Piper Alderman’s website.

In addition to this class action against IC Markets, Woodsford is currently backing a similar class action against IG Markets as well as numerous other major class actions in the UK, Australia and Europe including those brought by claimants against AMP, CBA, Westpac and ANZ Bank.