AMP 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.
The matter is being funded by International Litigation Funding Partners Pte Ltd (ILFP) at an exceptionally competitive funding commission rate of 12.5 percent.
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.
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 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.
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 call Maurice Blackburn on 1800 931 524 (Toll free) or email us at AMPclassaction@mauriceblackburn.com.au