Woodsford funds another major Australian class action against IG Markets
Woodsford is funding a further major Australian class action filed against IG Markets Limited and IG Australia Pty Ltd (“IG”) on behalf of retail investors that acquired high risk and unsuitable, over-the-counter derivative products in the form of contracts for difference (CFDs) or binary options (Binaries) from IG in the period 4 May 2017 to 11 August 2023.
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 Alex Hickson, Senior Investment Officer, 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."
The applicant is represented by Ding Pan, Principal at William Roberts Lawyers, who commented:
"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."