AMP proposed class action
Maurice Blackburn is now accepting registrations for an intended shareholder class action against AMP Limited (AMP) in relation to revelations out of the Financial Services Royal Commission of systemic misconduct at AMP.
The matter will be funded by International Litigation Funding Partners Pte Ltd (ILFP) at an exceptionally competitive funding commission rate of 12.5 percent — representing a clear benefit for potential claimants.
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 engage Maurice Blackburn and benefit from ILFP’s competitive litigation funding terms, shareholders can now register online.
On 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 publicly revealed for the first time:
- For a number of years, AMP had been charging clients ongoing fees for no service in various contexts;
- Since 27 May 2015, AMP misled ASIC on a number of 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 (exChairman) and Craig Meller (ex-CEO) resigned from their positions and, at the date of writing, a further three non-executive directors will be resigning.
Maurice Blackburn intends to commence a class action against AMP for whether its failure to disclose the information above to the ASX amounts to misleading and deceptive conduct and a breach of its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules.
Registration is open to AMP shareholders who purchased AMP shares between 27 May 2015 to 13 April 2018. Register your claim now.
For any queries please feel free to call Maurice Blackburn on 1800 931 524 (Toll free) or email us at AMPclassaction@mauriceblackburn.com.au