IC Markets Class Action

Echo Law have commenced a class action in the Federal Court of Australia against International Capital Markets Pty Ltd and Andrew Leon Budzinski (the Respondents). Piper Alderman has been engaged as an agent of Echo Law to assist in the prosecution of the class action. CASL is providing funding for the costs of pursuing the action.

The action is brought on behalf of persons who used the online trading platform operated by IC Markets to trade in Contracts For Difference during the period 20 December 2017 to 28 March 2021, and who lost money as a result (Group Members).

Compensation for Group Members is sought on the basis that the Respondents were negligent and engaged in misleading and deceptive and unconscionable conduct in how Contracts For Difference were marketed and sold.

If you believe you may be a Group Member, you can find further information, including about how to participate, on Echo’s website here.

Case Status

On 8 September, the Court made orders setting 2 December 2025 as the deadline for group members to opt-out of the proceeding.

Persons identified as potential Group Members based on records held by IC Markets will receive an email containing a notice outlining their options (Notice). A copy of the Notice is also available on the Echo Law website, and the Federal Court of Australia website. 

Group Members who wish to opt out of the class action must complete form annexed to the Notice at Schedule A and return it to the Victorian District Registry of the Federal Court before the deadline.

No class closure orders have been made. As such, Group Members who don’t wish to opt out aren’t required to take any steps at this time, but continue to have an option to register their interest in participating in the action via the link on the Echo Law website.