Property Tycoon Fights Debt Demand In Spread Betting Row

Law360, London (March 25, 2021, 5:07 PM GMT) -- Real estate tycoon Robert Tchenguiz argued at a London court on Thursday that spread betting company IG Index cannot demand millions of pounds from him after a soured bet, because its decision to categorize him as a professional investor was flawed.

Tchenguiz has applied to the High Court to have IG Index's statutory demand for debt set aside. His account at the online trading firm fell to minus £6.5 million ($8.9 million) in March 2020 after losing bets on the stock of transport giant FirstGroup. But he claims he was given inadequate warning that gaining professional status meant losing rights given...

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