AMP has been served with two class action proceedings following the allegations during the Royal Commission.
One claim has been filed in the Supreme Court of New South Wales by Quinn Emanuel Urquhart & Sullivan and another claim was filed in the Federal Court of Australia (Victorian Registry) by Phi Finney McDonald.
The proceeding filed by Quinn Emanuel Urquhart & Sullivan is on behalf of shareholders who acquired an interest in AMP’s shares between 10 May 2012 and 15 April 2018.
The proceeding filed by Phi Finney McDonald is on behalf of shareholders who acquired an interest in AMP’s shares between 6 May 2013 and 13 April 2018.
Both proceedings relate to matters referred to during the hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in April 2018.
The group was found to have charged fees for no services, which it accepts. It was also accused of misleading the Australian Securities and Investments Commission (ASIC) in a review into the fees for no services. In a recent submission to the Royal Commission, AMP said this has been 'overstated'.
AMP intends to vigorously defend the proceedings.
