AMP hit with multiple court filings

AMP has been served two separate legal proceedings; one a fresh class action and the other from Dexus Funds Management.

The class action - which has been lodged in the Federal Court of Victoria - has been filed against N.M. Superannuation Proprietary Limited (N.M. Super) and has also been commenced against AMP Superannuation and Resolution Life.

"The proceedings relates to allegations of higher premium payments by certain members of AMP's superannuation funds for life insurance (death only cover, total and permanent disablement cover and income protection cover) during the period 2019 to 2024," AMP said.

AMP confirmed it intends to defend the proceedings.

Separately, a further proceeding has been filed against AMP in the Supreme Court of NSW by Dexus Funds Management, in its capacity as the responsible entity of Dexus Property Trust and Dexus Operations Trust.

Dexus has launched the case against AMP and Collimate Capital.

AMP said the filing has arisen out of a dispute between Dexus and Macquarie Retail regarding the disposal of the Macquarie Shopping Centre, following the sale of the former AMP Capital business, and relates to the sale value of that property.

This comes after the Supreme Court of NSW ruled that Cbus and UniSuper, the co-owners of Macquarie Centre, could force Dexus to sell its stake, valued at around $830 million.

Dexus flagged back in December 2024 that it would seek to appeal the court's decision to force the sale of the asset.

Following the forced sale, which was one of the Dexus Wholesale Shopping Centre Fund's major assets, Dexus underwent a strategic review and terminated several funds, including the Dexus Core Property Fund and the Regional Property Fund.

AMP said it also plans to defend these proceedings.

Commenting on the case, a Dexus spokesperson told Financial Standard: "Dexus continues to act in the best interests of investors. Dexus has lodged a claim against AMP in relation to the forced sale of DWSF's interest in Macquarie Centre which was acquired as part of Dexus's purchase of the AMP Capital business. This matter is before the Court and, as such, it would not be appropriate to provide further commentary at this time."