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 verdict has been delivered in the class action filed against AMP Financial Planning. The Federal Court of Australia has ruled in favour of advice practices in the class action filed against AMP’s
About $170 million was wiped from AMP after the Federal Court ruled the financial services giant would have to pay planners double what it had proposed.
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