IG dismisses €25m Echelon claim

23rd Nov 2010 07:31

A group of investors who lost money when broker Echelon Wealth Management went bust two years ago have made a claim against spreadbetting firm IG Group for more than €25m.Glasgow-based contracts for difference (CFD) broker Echelon, a former client of IG Markets, went into liquidation in October 2008, but three of its former clients think IG should pay damages.The London-listed company doesn't seem too concerned though."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," it said in a brief statement Tuesday.