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.