Login
Class action filed against AMP in Federal Court
A national plaintiff firm has filed the first Federal Court class action against AMP on behalf of superannuation fund members that alleges the bank eroded around two million accounts with ‘unreasonable fees’.
The class action, filed by Maurice Blackburn in the Melbourne registry of the Federal Court, is being funded by litigation funder Harbour.
It comes after materials tendered during the banking royal commission flagged AMP’s super funds as charging uncompetitive administration fees, with high costs exceeding returns and causing investment losses in some cases.
For Maurice Blackburn principal lawyer Brooke Dellavedova, “it’s important that inquiries and regulators uncover mass wrongdoing of this nature, but that doesn’t give people back their hard-earned superannuation funds, which they need for their retirement”.
She said the firm estimates that over two million accounts have been impacted by AMP’s alleged misconduct.
An online portal has also been created by Maurice Blackburn, allowing AMP super members to claim back fees that date back to 30 May 2013.
“This class action asserts that AMP trustees breached statutory and general law obligations, essentially paying itself handsome fees from members’ funds. The case we are running will hold AMP to account for that.”
“AMP account holders can band together to recover compensation, in circumstances where most people would not bring a case on their own,” she went on, noting Harbour’s involvement.
“If you have had a superannuation account with AMP at any time since 30 May 2013, then you can sign up for this action to recover some of your lost funds, including compound growth amounts you missed out on.”
A statement from AMP has iterated that the proceedings "will be vigorously defended".
"AMP acknowledges that a superannuation class action proceeding has been filed against certain of its subsidiaries by Maurice Blackburn in the Federal Court in Melbourne. The action relates to the fees charged to members. The proceeding is on behalf of superannuation customers and their beneficiaries," it read.
"AMP and the trustees of its superannuation funds are firmly committed to acting in the best interests of their superannuation members and acting in accordance with legal and regulatory obligations," the statement continued.
"We encourage any customers who have concerns to contact AMP."
Lawyers Weekly previously reported on Maurice Blackburn’s winning of a bid to represent AMP shareholders in a class action against the bank.
