Shine joins line of lawyers after AMP

amp/Shine-Lawyers/Royal-Commission/class-action/financial-planning/

16 May 2018
| By Hannah Wootton |
image
image image
expand image

Less than a week after announcing that it intends to “vigorously defend” itself against mounting class actions, AMP has been hit with another claim against it on behalf of shareholders, this time by Shine Lawyers.

This latest class action would again focus on the revelations about AMP’s misconduct uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry last month.

Shine Lawyers said that their case would allege that AMP engaged in misleading and deceptive conduct, false and dishonest conduct and failed to disclose information to the market, saying that the exposure of this by the Commission “cause the share price [of AMP] to drop by 10.2 per cent”.

The law firm was yet to file proceedings in this matter, but were completing due diligence and had secured funding from major UK litigation funder, Augusta Ventures Limited.

Shine class actions expert, Jan Saddler, said that the class action could help shareholders who purchased shares in AMP from 24 May, 2013 to 20 April, 2018 recover some losses.

“Shareholders feel rightly aggrieved by the revelations of AMP at the Royal Commission. 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,” Saddler said.

“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.”

Both Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald had already filed class actions against AMP, in the Supreme Court of New South Wales and the Federal Court respectively.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

1 day 19 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5