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.
Shine Lawyers on Friday filed a statement of claim in the Federal Court of Australia, arguing AMP engaged in misleading and deceptive conduct and failed to disclose material information to the market.
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 class action 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 Maurice Blackburn lawyers which last week announced it will 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.
Shine Lawyers has urged shareholders who have suffered losses to look carefully at what is proposed by all firms and funders vying to take on AMP.
Shareholders who purchased shares in AMP from May 6, 2013 to April 13, 2018 are being urged to register their interest in a claim.