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Shine eyes shareholder class action against AMP
Shine Lawyers has announced it is investigating a class action on behalf of AMP Limited shareholders, following damning revelations at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Emma Musgrave
The Australian law firm says its investigation into the financial giant will centre around claims that AMP engaged in misleading and deceptive conduct and made false representations by lying to ASIC on multiple occasions about the manner in which its clients were charged for services that were not provided.
“Shine Lawyers are of the view that AMP has breached a number of provisions of the Corporations Act and ASX Listing Rules. AMP executives gave evidence at the royal commission that their conduct fell far short of the standards expected by shareholders, investors, policy holders and community expectations generally,” said Shine Lawyers class actions expert Jan Saddler.
“The integrity of the Australian financial markets depend upon all stakeholders engaging in conduct that is consistent with the law.
“What we are seeing coming out of the royal commission is that certain stakeholders, namely the financial institutions, seem to think that they are the exception to the rule. The matters we are investigating in relation to AMP would certainly suggest that that is the position AMP took when they became aware of these issues.”
Earlier this week Slater and Gordon announced it too is considering a shareholder class action against AMP, in partnership with litigation funder Therium Capital Management Limited (Therium).
Los Angeles-based litigation firm Quinn Emanuel Urquhart & Sullivan, along with Guernsey-headquartered litigation funder Burford Capital, also announced they are circling AMP for a potential shareholder class action.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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