- Litigation Finance Insider
- Woodsford funds major Australian class action against ICM
Woodsford funds major Australian class action against ICM
Woodsford is funding a further major Australian class action filed against International Capital Markets Pty Limited (“ICM”) on behalf of retail investors who acquired over-the-counter derivative products in the form of contracts for difference (“CFDs”) from ICM in the period 6 February 2018 to 6 February 2024.
The class action, which was filed by law firm Piper Alderman on 6 February 2024, alleges that ICM 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'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 ICM on behalf of those people who have suffered loss trading these excessively risky and complex products.”
Kate Sambrook, Partner of Piper Alderman, said:
“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.”
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.