Claim against IG Markets Limi

RNS Number : 6145W

IG Group Holdings plc

23 November 2010

 



IG Group Holdings plc

Claim against IG Markets Limited

IG Markets Limited ("IG Markets"), a wholly owned subsidiary of IG Group Holdings plc ("IG" or the "Group"), has been served with a claim issued in the High Court in relation to the insolvency of Echelon Wealth Management Limited ("Echelon"), a former client of IG Markets.  Three former clients of Echelon, which went into liquidation in October 2008, are seeking to recover damages from IG Markets in a sum in excess of €25m.

IG, having sought the opinion of leading Counsel, considers the claim to be speculative and without foundation and will defend itself vigorously.  It is not expected that this matter will have any material impact on the Group. 

 

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