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AMP confirms two class actions filed

AMP confirms two class actions filed

Money, cash, Australian dollar

Two class action lawsuits have been filed against AMP on behalf of shareholders, but the embattled financial giant says it will “vigorously defend the proceedings”.

AMP has confirmed that a claim has been filed against it by global litigation firm Quinn Emanuel in the Supreme Court of NSW on behalf of shareholders who acquired equity in AMP between 10 May 2012 and 15 April 2018.

A second claim has been filed by Phi Finney McDonald — with funding from litigation funder IMF Bentham — in the Federal Court of Australia (in Victoria) on behalf of shareholders who acquired AMP shares between 6 May 2013 and 13 April 2018.

A number of plaintiff firms, including Quinn Emanuel, Slater and Gordon and Shine Lawyers have indicated ambitions to initiate proceedings against AMP but this is the first public confirmation of the litigation from the company.  

Both matters relate to evidence provided to the royal commission, a statement from AMP confirmed.

The company says it will “vigorously defend the proceedings”. 

The news comes ahead of what is expected to be a fiery AMP annual general meeting in Melbourne this morning.

Three AMP board members have resigned ahead of the AGM following the exit of chair Catherine Brenner and group general counsel Brian Salter.

Former Commonwealth Bank chief executive David Murray, who led the Abbott government's financial system inquiry, has been appointed chairman, tasked with “rebuilding trust” at the financial institution. 

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