Slater and Gordon circles AMP
Slater and Gordon is considering a shareholder class action against AMP with global backing, following a similar bid by Quinn Emanuel and Burford.
The listed law firm has revealed it has paired up with litigation funder Therium Capital Management Limited (Therium) to investigate what it says could have the potential to be one of Australia's biggest investor class actions against AMP.
The investigation comes following misconduct revelations at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Slater and Gordon said the investigation to date suggests that AMP may have breached its continuous disclosure obligations between 28 May 2015 and 13 April 2018, causing investors who acquired shares during this period to suffer loss.
“More than a billion dollars has been wiped from AMP’s market cap since these revelations were made public during the royal commission hearings and it has left thousands of investors reeling,” head of class actions Ben Hardwick said, speaking on behalf of Slater and Gordon.
"Not only did senior executives admit AMP had been charging significant fees for financial advice services it did not provide, but they also admitted the bank tried to conceal these practices by repeatedly telling ASIC they were the result of an administrative error.
“We allege that this conduct was both unlawful and unethical and reflected serious compliance problems within AMP, and the market had a right to be informed about what they were buying into.”