Financial Planning
AMP hit with another proposed class action

Maurice Blackburn has jumped on the bandwagon, seeking interest to launch a third class action against AMP.

Announcing its action today, the law firm is attempting to attract as many AMP shareholders as possible by way of a "market disrupting" commission of 12.5% that will only apply in the event of a win.

To facilitate this, Maurice Blackburn has partnered with International Litigation Funding Partners to cover adverse costs of the action, which is open to those who bought shares in AMP between 27 May 2015 and 13 April 2018.

According to its website, Maurice Blackburn "intends to commence a class action against AMP for whether its failure to disclose the information [revealed by the Royal Commission] to the ASX amounts to misleading and deceptive conduct and a breach of its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules."

Two shareholder class actions have already been established in the courts, by Phi Finney McDonald and Quinn Emanuel Urquhart and Sullivan respectively.

Maurice Blackburn national head of class actions Andrew Watson believes that in a world of competing class actions, AMP investors now have a clear choice.

"In a world where institutional investors and retail shareholders alike are grappling with how to choose between competing actions, we're taking the guesswork out of it and making the choice crystal clear with these extraordinarily low funding commission rates," he said.

The class actions intend to recover some of the funds lost by AMP shareholders in the wake of the Royal Commission, with revelations of misconduct causing the institutions share price to plummet by 11% in the following week alone.

The fallout saw both AMP's chair Catherine Brenner and chief executive Craig Meller resign from their positions, along with three female non-executive directors.

Last week AMP said it will vigorously defend the actions brought against it by Phi Finney McDonald and Quinn Emanuel Urquhart and Sullivan.

The former filed proceedings against AMP in the Federal Court. Backed by IMF Bentham, it is representing those who purchased shares between 6 May 2013 and 13 April 2018.

The latter filed in the NSW Supreme Court and will act on behalf of anyone that invested in AMP between 10 May 2012 and 15 April 2018. In this instance, Quinn Emanuel Urquhart and Sullivan is backed by Burford Capital.

Read more: AMPMaurice BlackburnQuinn Emanuel Urquhart and SullivanASXPhi Finney McDonaldRoyal CommissionAndrew WatsonBurford CapitalCatherine BrennerCraig MellerIMF BenthamInternational Litigation Funding Partners
Link to something FqBKby7l