Reuters have been in contact with IG clients in Europe and have found that the group are going after negative balances but are doing deals on the amounts.
A spokesman for IG said that;
“the group was following normal processes for reclaiming debts owed to it.”
One client of the IG office in Dusseldorf who saw a €8300 trade turn into a €280k loss said that he had been offered a “not too bad deal”
IG are also chasing balances to teach traders a lesson he says;
“They said, for example if you owed 1,000 euros and you had to pay 5 percent back, that would just mean that you only had to pay back 50 euros,” he said, explaining that would not be enough to teach a client to be more cautious, whereas 5 percent of a much larger amount would be enough to make a difference.
“They want us to learn something. They don’t want us to do something like that again, probably.”
One thing that is missing from the story is how they have managed fills and whether clients have settled for those fills.
We’ve been currently speaking to some IG clients who are still very upset of their treatment. When we get something concrete from them we’ll post it up.
The full story from Reuters is here
