Clear choice now on table for AMP shareholder action
15 May 2018
Investors will now have the option of using Australia’s most successful and experienced class actions team – Maurice Blackburn Lawyers – to pursue the high-profile corporate conduct failings at AMP.
The newly announced action has a funding commission of 12.5%.
Maurice Blackburn will carry the bulk of the cost burden for aggrieved shareholders on a no-win no-fee basis, relying on litigation funder International Litigation Funding Partners only for the adverse costs coverage.
Ultimately this means participants in the Maurice Blackburn action will pay a very low 12.5 per cent commission upon any successful recovery, giving institutional investors and retail shareholders alike the same access to extraordinarily good commission rates and a potentially greater return.
Andrew Watson, National Head of Class Actions at Maurice Blackburn who has put the super-deal together for investors, says that in a world of competing class actions investors looking to recover from AMP now have a very clear choice.
“Investors have every right to be disappointed with AMP’s conduct as revealed in the Banking Royal Commission but they can now choose Australia’s leading class action law firm which has secured the nation’s largest shareholder recoveries, backed by a tried, tested and trusted funder offering exceptionally low commission rates,” Mr Watson said.
“In a world where institutional investors and retail shareholders alike are grappling with how to choose between competing actions, we’re taking the guesswork out of it and making the choice crystal clear with these extraordinarily low funding commission rates.
“In addition, we know that recovering larger amounts is one of the single biggest determinants affecting shareholders’ ultimate recoveries, and no firm other than Maurice Blackburn has resolved Australian shareholder class actions for more than $100million. I’m proud to say that including the recent settlement of QBE for $132.5million, we’ve done it on seven separate occasions.”