Slater & Gordon lines up AMP class action
AMP Limited is facing the threat of another class action, with Slater and Gordon partnering with litigation funder Therium to investigate action based around revelations to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
According to an announcement by Slater and Gordon the issues raised at the Royal Commission has given rise to potential allegations that AMP breached its continuous disclosure obligations between 28 May 2015 and 13 April 2018, causing investors who acquired shares during this period to suffer loss.
Commenting on the move, Slater and Gordon head of Class Actions, Ben Hardwick said the AMP claim had the potential to be one of Australia’s biggest investor class actions.
“More than a billion dollars has been wiped from AMP’s market cap since these revelations were made public during the Royal Commission hearings and it has left thousands of investors reeling,” he said.
“Not only did senior executives admit AMP had been charging significant fees for financial advice services it did not provide, but they also admitted the bank tried to conceal these practices by repeatedly telling ASIC they were the result of an administrative error,” Hardwick said.
“We allege that this conduct was both unlawful and unethical and reflected serious compliance problems within AMP, and the market had a right to be informed about what they were buying into.”
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