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.
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 meet this criteria, you can register to recover losses alleged to have been suffered after AMP’s share price dropped following alleged revelations of 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 Maurice Blackburn 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.
If you would like to engage Maurice Blackburn to act for you, please register online.
If you hold or previously held a superannuation account with AMP and are looking for our AMP super fees class action, please click here.
On 26 August 2020, the Court made orders for mediation in the AMP Shareholder Class Action. The mediation has been scheduled to take place by 23 April 2021, during which the parties will attempt to negotiate settlement of the action.
The Supreme Court has ordered that a Notice to Group Members be published for the information of anyone who might be a member of the AMP Shareholder Class Action. The Notice contains important information about your rights as a group member. Importantly, it sets out some key deadlines and information that group members need to be aware of, including the following:
- If you wish to register for the AMP Shareholder Class Action before mediation, you should complete and submit a Group Member Registration Form before 4pm on 23 November 2020;
- If you are a Group Member in the AMP Shareholder Class Action and you do not wish to be involved in the action, you should complete and submit an Opt Out Notice before 4pm on 23 November 2020.
Registration is not compulsory at this stage, however, if you wish to participate in the AMP Shareholder Class Action and you do not register your details with Maurice Blackburn, the consequences may be as follows:
- There is a risk that Maurice Blackburn will not know about your claim or how to contact you if you are eligible to receive compensation in the AMP Shareholder Class Action; and
- An early settlement may not occur, or if it does occur, compensation to Group Members may be lower if only a small number of Group Members have registered for the class action.
- Amended Commercial List Statement
- Commercial List Response (AMP’s Defence)
- Orders made on 26 August 2020
- Notice to Group Members about Registration and Opt Out
- Group Member Registration Form
- Maurice Blackburn Retainer and Costs Agreement
- Privacy Statement
From 16 April 2018, AMP was the subject of examination by the Royal Commission. During the course of this, two significant revelations of misconduct by AMP were the focus:
- For a number of years, AMP had knowingly been charging clients ongoing fees for no service in various contexts
- 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.
On 23 May 2019 the Supreme Court of New South Wales ruled that the Maurice Blackburn proceeding (referred to by the plaintiff name "Komlotex") was to be consolidated with the Slater & Gordon proceeding (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 Supreme Court’s decision was appealed by the plaintiff in one of the competing class action proceedings. On 8 October 2019, the Court of Appeal dismissed the appeal and upheld the decision of the Supreme Court. This means that the Consolidated Proceeding, conducted by Maurice Blackburn, remains the only AMP shareholder class action that is continuing.
If you wish to register for the Consolidated Proceeding, and to engage Maurice Blackburn to represent you, please register below.
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).
For any queries call Maurice Blackburn on 1800 931 524 (Toll free) or email us at AMPclassaction@mauriceblackburn.com.au