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Maurice Blackburn has announced it will carry the bulk of the cost burden for aggrieved shareholders in a class action against AMP.
Maurice Blackburn has revealed it has joined the list of law firms to file a class action against AMP, following damning revelations at the banking royal commission which saw the financial giant accused of potential crimes, including providing false and misleading statements to the regulator and charging customers for services that were not provided.
“Ultimately this means participants in the Maurice Blackburn action will pay a very low 12.5 per cent commission upon any successful recovery, giving institutional investors and retail shareholders alike the same access to extraordinarily good commission rates and a potentially greater return,” the national firm said in a statement.
Maurice Blackburn national head of class actions, Andrew Watson, said that his firm’s “superdeal” provides AMP investors with a “very clear choice” on who to turn to in the pursuit of their recoveries.
“Investors have every right to be disappointed with AMP’s conduct as revealed in the Banking Royal Commission but they can now choose Australia’s leading class action law firm which has secured the nation’s largest shareholder recoveries, backed by a tried, tested and trusted funder offering exceptionally low commission rates,” Mr Watson said.
“In a world where institutional investors and retail shareholders alike are grappling with how to choose between competing actions, we’re taking the guesswork out of it and making the choice crystal clear with these extraordinarily low funding commission rates.
“In addition, we know that recovering larger amounts is one of the single biggest determinants affecting shareholders’ ultimate recoveries, and no firm other than Maurice Blackburn has resolved Australian shareholder class actions for more than $100million. I’m proud to say that, including the recent settlement of QBE for $132.5million, we’ve done it on seven separate occasions.”
The latest on the AMP debacle comes after the embattled financial giant confirmed that a claim had been filed against it by global litigation firm Quinn Emanuel and by Phi Finney McDonald — with funding from litigation funder IMF Bentham.
Slater and Gordon has also been circling AMP for a class action, telling Lawyers Weekly last week that other filings against AMP will not deter from its own shareholder litigation.
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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