AMP shareholder class action

On 7 June 2018, Maurice Blackburn Lawyers filed a class action on behalf of shareholders of AMP Limited (ASX:AMP) arising from revelations at the Financial Services Royal Commission of systemic misconduct at AMP.

Register now

Anyone who purchased shares in AMP (or acquired them by dividend reinvestment) between 10 May 2012 and 13 April 2018 (inclusive), or American Depositary Receipts that represent AMP Shares between 7 June 2012 and 13 April 2018 (inclusive) may be a Group Member in the AMP Shareholder Class Action. If you these criteria, you can register to recover losses alleged to have been suffered after AMP’s share price dropped following revelations of alleged misconduct by AMP at the Financial Services Royal Commission.

The class action is being conducted by Maurice Blackburn on a “no win, no fee” basis. It is not being funded by a commercial litigation funder. This means that you will not be required to pay a funder’s fee or commission. In the event of a successful outcome, this is likely to increase the amount of compensation available to you.

If the case is successful, Maurice Blackburn will recover its legal costs from the compensation received. If the case is not successful, Maurice Blackburn will cover all costs; you will not be required to pay anything. You will not be ‘out of pocket’ as a result of signing up to the class action.

Maurice Blackburn is Australia’s leading class action law firm with an unparalleled record as the only Australian firm to have recovered in excess of $100 million in shareholder class actions, a record we have achieved on seven occasions.

To register for the AMP Shareholder Class Action, click here.

If you hold or previously held a superannuation account with AMP and are looking for our AMP super fees class action, please click here.

Update

On 20 July 2021, the Plaintiffs and AMP participated in a mediation facilitated by former Federal Court Judge the Hon Kevin Lindgren AM, QC. The mediation did not result in a settlement, and as a result, the parties will now prepare to go to trial.

Group members may still register for the AMP Shareholder Class Action by clicking here.

Relevant Documents

  1. Summons
  2. Amended Commercial List Statement
  3. Commercial List Response (AMP’s Defence)
  4. Maurice Blackburn Retainer and Costs Agreement
  5. Privacy Statement

Claim overview

From 16 April 2018, AMP was the subject of examination by the Financial Services Royal Commission. During the course of this, two significant revelations of misconduct by AMP were the focus:

  1. For a number of years, AMP had knowingly been charging clients ongoing fees for no service in various contexts
  2. Since 27 May 2015, AMP misled ASIC on repeated occasions when reporting to ASIC regarding its charging of fees for no service.

Since these revelations, the fallout for AMP has been considerable. The market strongly reacted and by the first week, AMP’s share price had fallen by around 11%. Both Catherine Brenner (ex-Chairman) and Craig Meller (ex-CEO) resigned from their positions and two other directors stood down.

Maurice Blackburn has commenced a class action against AMP, on behalf of shareholders in AMP, for its failure to disclose the market sensitive information above to the ASX. This is alleged to amount to misleading and deceptive conduct and a breach of its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules.

For more information about the claim, read the Plaintiffs’ ‘Amended Commercial List Statement’.

Procedural History

On 23 May 2019 the Supreme Court of New South Wales ruled that the Maurice Blackburn proceeding against AMP (referred to by the plaintiff name "Komlotex") was to be consolidated with the Slater & Gordon proceeding against AMP (referred to by the plaintiff name "Fernbrook") (referred to together as the "Consolidated Proceeding"). Further, the Court ruled that the Consolidated Proceeding was to continue and that the other competing class action proceedings against AMP were to be permanently stayed.

The decision to permit the Consolidated Proceeding to continue was subsequently appealed to the NSW Court of Appeal and then to the High Court of Australia by the plaintiff in one of the competing class action proceedings. Both appeals did not succeed. This means that the Consolidated Proceeding, conducted by Maurice Blackburn, remains the only AMP Shareholder Class Action that is continuing. You can access the High Court’s decision here.

If you wish to register for the Consolidated Proceeding, and to engage Maurice Blackburn to represent you, please register here

If you have previously engaged another law firm to represent you in relation to your acquisition of shares in AMP, and you now wish to participate in the Consolidated Proceeding and be represented by Maurice Blackburn, then you can register below but you may wish to consider contacting the other law firm that you previously engaged about terminating your contract of retainer with that firm (and/or any funding agreement that you may have entered into at or about the same time). 

Contact details

For any queries call Maurice Blackburn on 1800 931 524 (Toll free) or email us at AMPclassaction@mauriceblackburn.com.au

FAQs - your questions answered

The claim is against AMP Limited (ASX: AMP).

You are eligible to join the AMP Shareholder Class action if:

  • you purchased or acquired AMP shares between 10 May 2012 and 13 April 2018 inclusive.
  • you purchased or acquired American Depositary Receipts representing AMP Shares between 7 June 2012 and 13 April 2018 inclusive.
  • you reinvested dividends or acquired shares as part of a reinvested dividend plan during the relevant claim period.

Nothing. The action is being run on a no win, no fee basis.

Registering for the AMP Shareholder Class Action will not expose you to any out of pocket cost. Unless and until there is a successful outcome, all costs will be borne by Maurice Blackburn.

In the event of a successful outcome, any costs payable to Maurice Blackburn will be deducted from, and will not exceed, any compensation that you are entitled to receive.

It is difficult at this early stage to predict how much you may ultimately recover as a result of losses that may have been suffered.

The methodology that a Court may adopt when assessing your loss is not fully settled in Australian law. It may, for example, be the difference between the amount you paid for the AMP shares and the amount you received when you sold them. Alternatively, loss might be assessed on the basis of the difference between the price you paid for the shares and their true or real value at the time of purchase. The true value of the shares is based on an inflation figure determined by expert evidence, which indicates what the share would have traded at were it not for AMP’s unlawful conduct.

There are also other methodologies that a Court might adopt. 

At the appropriate time, we will be able to provide you with a loss calculation, to give you an idea of your possible loss on one of the methods which might be employed by the Court. However, all claims will be the subject of further investigation and legal advice and your loss figure may change.

No. Eligibility is not determined by whether or not you still hold shares in AMP. As long as you acquired an interest in AMP shares and/or American Depositary Receipts during the claim period you are at this stage eligible to register to participate in the AMP Shareholder Class Action.

In light of the evidence currently available, Maurice Blackburn considers that a successful outcome in this class action is probable. We would not have not filed the class action unless we believed that the case has positive prospects, based on the findings of our investigations.

However, we do not, and cannot, guarantee or predict that a successful outcome is certain.

Registration is not compulsory.

The reasons you should consider registering now are as follows:

  • First, it allows Maurice Blackburn to confirm that you are a group member and to contact you if you become eligible to receive compensation. You may become eligible to receive compensation in the event that the AMP Shareholder Class Action settles at a mediation, or if there is a favourable judgment.
  • Secondly, there is no cost to register.
  • Thirdly, in the event of a successful settlement or judgment, there is a risk that Maurice Blackburn will not know about your claim or how to contact you, if you have not registered.