AMP has appeared in court for the first time to defend a class action brought on behalf of shareholders seeking damages after revelations at the banking royal commission trimmed more than $2 billion off its market value.
AMP will file its defence to proceedings from law firm Quinn Emanuel Urquhart & Sullivan in the NSW Supreme Court within two months.
The wealth management giant, which admitted to charging clients fees for services they did not receive and then lied to the corporate watchdog about it, on Friday said it hopes other class action proceedings and three potential class actions it is facing can be consolidated before the court.
AMP is due to face its second class action, brought by law firm Phi Finney McDonald, in the Federal Court in Melbourne on June 8, after its testimony at the royal commission sent shares spiralling to a six-year low.
The financial services giant, which could face criminal charges for misleading the regulator, last week said it intends to ‘vigorously defend’ both class actions.
AMP shares were down 0.5 per cent to $3.91 at 1347 AEST on Friday.