IMPORTANT: You can register your interest in the CMC Markets class action by completing the registration form
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CMC Markets Class Action

If you entered into or acquired an interest in one or more “contracts for difference” (CFDs) (including margin FX) or binary options (binaries) (including Digital 100s and/or countdowns) issued by CMC Markets Asia Pacific Pty Ltd (CMC) you may be eligible for compensation.

Johnson Winter Slattery has filed a class action in the Federal Court of Australia against CMC, the operator of an online derivatives trading platform. The class action is funded by Harbour Fund V, L.P. (Funder).

You may wish to register an expression of interest in respect of the class action so that you may receive updates about the class action. You can do this by clicking the ‘register’ button below and following the instructions to complete your registration.

CMC Markets Class Action

If you entered into or acquired an interest in one or more “contracts for difference” (CFDs) (including margin FX) or binary options (binaries) (including Digital 100s and/or countdowns) issued by CMC Markets Asia Pacific Pty Ltd (CMC) between 7 November 2011 to 30 April 2021 inclusive (relevant period), you may be eligible for compensation.

Johnson Winter Slattery has filed a class action in the Federal Court of Australia against CMC, the operator of an online derivatives trading platform. The class action is funded by Harbour Fund V, L.P. (Funder).

You may wish to register an expression of interest in respect of the class action so that you may receive updates about the class action. You can do this by clicking the ‘register’ button below and following the instructions to complete your registration.

What is the CMC Markets Class Action about?

The class action alleges that during the relevant period:

  • CMC issued highly leveraged CFDs and binaries to retail investors, which were highly risky and unsuitable for retail clients.
  • CMC made misrepresentations about the nature and risks of highly leveraged CFDs and binaries, failed to adequately disclose the significant risks of CFDs and binaries, and operated a system which was likely to cause (and did cause) retail investors to invest in highly leveraged CFDs and binaries.

How can affected group members participate in the CMC Markets class action?

You may be a group member of the CMC Class Action if you meet the following criteria:

  • at any time during the relevant period, you purchased or traded highly leveraged CFDs (including margin FX) and/or binaries(including Digital 100s and/or countdowns) issued by CMC;
  • you were a "retail investor" as defined by the Corporations Act;
  • you lost money trading highly leveraged CFDs and/or binaries issued by CMC; and
  • you are not a director, officer or close associate (as defined in section 9 of the Corporations Act) of CMC, or a judge or the Chief Justice of the Federal Court of Australia or a Justice or the Chief Justice of the High Court of Australia.

This class action was commenced on an open basis, which means that if you meet the criteria above and you have not otherwise opted-out of the class action, you do not need to take any steps at this stage to be treated as a group member in the class action.

What does registering on this website mean?

 

If you meet the above definition, then you are a group member in the CMC Markets Class Action, and you don’t need to do anything further at this stage.

Registering your details on this website simply means that you are interested in receiving updates about the class action and that you consent to us contacting you. It does not mean you are obliged to be involved.

In due course, during the case, Group Members will receive notices and other updates regarding the progress of the case.

Registration on this website is not required by any Court order.

Class Action Updates

  • On 19 September 2022, we filed an Amended Statement of Claim on behalf of the applicants and group members, which is accessible below.
  • On 24 October 2022, CMC filed a Defence to the Amended Statement of Claim.
  • On 28 November 2022, we filed a Reply to the Defence on behalf of the applicants and group members.

Register your interest

If you purchased or leased one of the vehicles mentioned above with a 4-cylinder Theta II MPI or GDI, Gamma GDI or Nu GDI petrol engine, you may be a group member in the class action. This may be the case regardless of:
whether you purchased your vehicle new or second hand
whether you still own your vehicle or have already sold it
whether you experienced any of the engine faults referred to above or not
whether your vehicle or its engine has already been repaired or replaced (by Hyundai or someone else, under warranty or otherwise)
If you think you may be a group member, you can register your interest in being part of the class action by completing the registration form below.

Frequently asked questions

1. Who is conducting the Class Action?
Johnson Winter Slattery (JWS) are the solicitors running the class action.

JWS has leading-edge experience in advising clients on large-scale litigation and class actions, and its litigation partners have been involved in many of the significant claims and major class actions in Australia over the last 20 years. JWS has the experience acting for both plaintiffs and defendants in large-scale litigation and class actions related to consumer insurance products, antitrust/competition, corporate, financial services and tax matters.
2. How is the Class Action being funded?
The class action is funded by Harbour Fund V, L.P. (Funder).

There are no upfront costs payable by the group members to become part of the class action.

If the class action is unsuccessful, group members will not be liable to pay any of the costs of the class action.

Funding updates

  • In June 2022, the Full Court of The Federal Court of Australia released its judgment in LCMFunding Pty Ltd v Stanwell Corporation Limited (Stanwell Judgment), which impacts whether funding arrangements such as those in place for the CMC Markets Class Action should be classified as Managed Investment Schemes and regulated as such under the Corporations Act 2001.
  • The CMC Markets Class Action was registered as a managed investment scheme named Harbour Litigation Funding Scheme No. 1 (ARSN 655 507 716) (the Scheme) under laws impacted by the Stanwell Judgment. Evolution Trustees Limited (AFSL No. 486217) (Evolution Trustees) was the Responsible Entity for that Scheme.
  • On 11 August 2022, Evolution Trustees resolved to deregister the Scheme.  
  • On 20 November 2022, ASIC confirmed the deregistration of the Scheme.
  • On 22 December 2022, Evolution Trustees provided Members of the Scheme a notice to terminate the Scheme in one months’ time from the date of the notice. You can view a copy of the notice here.
  • The class action continues to be funded by the Funder and the termination of the Scheme will not impact the running of the CMC Markets Class Action.
3. What sort of compensation might I receive if the claim is successful?
The class action seeks damages and/or compensation for the Applicants and Group Members.

The actual amount of compensation payable will depend on the outcome of the case and the circumstances of individual Group Members, and therefore cannot reliably be predicted.
4. How long will the action take?
The length of the proceedings is difficult to predict but the litigation is likely to last several years. It is not uncommon for a class action in Australia to last for more than two years.
5. What if I do not want to be a group member?
In due course, the Court will order an opt out process in the class action for group members.  

Contact us

You can email us at CMCaction@jws.com.au or by filling out the form below.
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