A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the 'unfair and unreasonable" $100 million settlement sum as the objection deadline approaches on 22 May.
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The decision by AMP to pay $100 million in settlement to members of the Buyer of Last Resort class action has been welcomed as providing closure, but one adviser told Money Management he expects members will fight on individually.
Justice Mark Moshinksy has ruled a timeline for mediation between AMP Financial Planning and Equity Financial Planners to begin, and a former planner has called for the firm to “do the right thing” by paying advisers and rebuilding its reputation.
As the AMP court case takes place this month, a former AMP planner has shared how he was nearly driven to bankruptcy after the firm devalued his business.