AMP “Fee for No Service” rip off could see half a million shareholders claim losses over massive share price fall

Maurice Blackburn Lawyers

As many as 500,000 shareholders may be eligible to join the class action which was commenced after AMP’s share price crashed when it was forced to disclose that it had ripped off customers during the Banking Royal Commission.

A Court-ordered claim registration process is currently open with a deadline of 23 November 2020.
The class action alleges AMP’s shares tanked after the company disclosed to the Banking Royal Commission that it charged customer fees for no service, failed to notify ASIC after becoming aware of the breaches and then mislead ASIC about the extent of its misconduct.
The revelations in April 2018 saw AMP’s shares to fall by about 11 per cent the following week, wiping a reported $2 billion from the company’s market value.
Maurice Blackburn Principal Vavaa Mawuli said Maurice Blackburn was getting on with the job of obtaining a recovery for affected AMP shareholders.
“This case alleges AMP breached its obligations to act efficiently, honestly and fairly in providing financial services to its customers. It also failed to disclose market sensitive information to the Australian Stock Exchange. This amounts to misleading and deceptive conduct and is a breach of the company’s continuous disclosure obligations,” Ms Mawuli said.
Investors who purchased AMP shares between 10 May 2012 and 13 April 2018 and/or American Depositary Receipts representing AMP shares between 7 June 2012 and 13 April 2018 are invited to register their interest in the AMP Shareholder Class Action before 23 November 2020 ahead of a Court-ordered mediation in April of next year.
Maurice Blackburn is Australia’s leading class action law firm with an unparalleled record as the only Australian firm to have recovered in excess of $100 million in shareholder class actions, a record we have achieved on seven occasions.
/Public Release.