Omni Bridgeway, with Mayweathers Lawyers, is investigating potential claims by investors in CMC Markets’ Crude Oil West Texas Intermediate (WTI) Cash product who may have suffered loss and damage relating to their investment.
WTI Cash product investors are invited to register their details below.
CMC Markets offers contracts for difference (CFDs) which allow investors to speculate on the price of oil. In late April 2020, the crude oil markets, especially West Texas crude oil markets, suffered from severe volatility as a result of the COVID-19 crisis. Oil prices dropped severely, and there were widespread fears that crude oil prices would drop below $0.
On 21 April 2020, CMC Markets changed the underlying reference instrument (URI) for the West Texas crude oil CFD from the May 2020 West Texas crude oil futures contract to a futures contract which would expire later, in December 2020. At the same time, CMC Markets made two further changes to the terms of the CFD:
Investors say that they were misled and it was unreasonable and unfair for CMC Markets to change the URI for the West Texas crude oil CFD in response to the 21 April 2020 oil price volatility and that as a result, they suffered loss and damage.
The WTI Cash product was offered by CMC Markets in many countries, including but not limited to Australia, New Zealand, the UK, the US, EU countries and Singapore.
Further details about the potential claim are available to CMC Markets WTI Cash product investors who register their interest with Omni Bridgeway below.
Please note that registering an expression of interest with Omni Bridgeway does not represent an offer to participate in a Litigation Funding Scheme and is not a commitment by any person to fund a class action or potential class action in respect of the matters set out on this website. Omni Bridgeway also notes the following:
If you have any questions you can contact the Omni Bridgeway Client Liaison Team in our Perth office by email on email@example.com or by calling 1800 016 464 (free call in Australia) or 61 8 9225 2322 (if overseas).