AMP has been hit with a third class action over the scandals revealed at the banking royal commission and the resulting damage to the embattled financial giant’s market value.
Law firm Maurice Blackburn says it would charge a 12.5 per cent commission on successful completion of the case, a rate it hopes will tempt aggrieved shareholders away from competing actions.
AMP, which has admitted charging customers fees for financial advice that was never delivered and then lying to the corporate watchdog about it, is also facing proceedings from law firms Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald.
There are also two more potential proceedings lingering from Slater and Gordon and Shine Lawyers.
Last week AMP said it intends to “vigorously defend” the class actions brought against it by Quinn Emanuel and Phi Finney McDonald after its testimony at the royal commission sent shares spiralling to a six-year low and shed more than $2 billion of its market value.
The Maurice Blackburn class action is open to investors who purchased shares between May 27, 2015 and April 13, 2018.