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Shine Lawyers file class action against AMP

24 May 2018

Class Actions

Shine Lawyers have filed a statement of claim in the Federal Court of Australia against AMP today (25th May 2018). 

The national firm has partnered with Augusta Ventures Limited, the largest litigation funder in the UK market by volume, to bring the shareholder action against AMP following revelations by AMP executives at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 

Shine’s investigation is focused on claims that AMP engaged in misleading and deceptive conduct and failed to disclose material information to the market during the period 6 May 2013 to 13 April 2018. 

Such conduct includes deliberate decisions made in 2013 and 2015 to charge clients for services never received; making 20 separate misleading statements to ASIC about those charges; failing to disclose the receipt and effect of a PWC report on its overall operations; and, interfering in a report prepared for ASIC which it represented as being “independent”. 

“Our action is people-focussed as is our strategy.”

“At this stage, shareholders need to look very carefully at what is proposed by all firms and funders vying to take on AMP, including all the added extras and not just the headline grabbing number. Shine and Augusta are providing shareholders with all the details they require in order to consider the merits of their offering and believe we are offering the most competitive terms for shareholders.” 

“Our firm is dedicated to delivering just outcomes to the hundreds of shareholders who have suffered losses as a result of AMP’s misleading conduct.” said Jan Saddler, National Special Counsel for class actions at Shine. 

Where to sign up:  

Shine Lawyers are encouraging all shareholders who purchased shares in AMP from 6 May 2013 to 13 April 2018 to register their interest in a claim on Shine’s website here.

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