AMP has reached an agreement to settle the shareholder class action brought by Komlotex in June 2018 following the Hayne royal commission for $110 million.
AMP CEO, Alexis George, expects to have an update on the BOLR class action this month but has not ruled out appealing the case, having set aside a “best estimate” of $50 million in provisions.
A failure to provide a valid ‘legislation, economic, or products’ reason to make disproportionate changes to the BOLR policy forms the crux of AMP Financial Planning’s defeat in Federal Court.