Shine has confirmed that its class action against AMP will proceed, after various instances of misconduct were uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry last month.
In a statement, Shine said that its case would allege that “AMP engaged in misleading and deceptive conduct, false and dishonest conduct and failed to disclose information to the market”.
The firm also noted that the exposure of this by the commission “cause[d] the share price [of AMP] to drop by 10.2 per cent”.
“Shareholders feel rightly aggrieved by the revelations of AMP at the royal commission," said Shine class actions expert Jan Saddler.
"Shine is looking forward to assisting shareholders to recover some of the losses they have suffered as a result of the scandalous decision making that has occurred at AMP over a number of years.
“We are confident that the funding package proposed by Augusta Ventures and Shine will maximise net returns for investors seeking redress against AMP, and we look forward to helping those investors obtain the compensation they are due.”
Shine’s official filing of the class action against AMP comes after Maurice Blackburn announced that it, too, has filed this week.
Last week, AMP confirmed that global litigation firm Quinn Emanuel and Phi Finney McDonald — with funding from litigation funder IMF Bentham — had also filed two separate class actions against it.