‘Not a race to court’: Slaters still mulling AMP suit
Slater and Gordon says the filing of two rival class action suits against AMP will not deter from its own shareholder litigation against the embattled financial institution.
Yesterday AMP held an explosive annual general meeting in Melbourne in which the interim executive chairman Mike Wilkins “apologised unreservedly” for misconduct uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Ahead of the AGM, the company confirmed that two suits have been filed against it: one by Quinn Emanuel in the Supreme Court of NSW (backed by Burford Capital) and another by Phi Finney McDonald in the Federal Court of Australia (backed by IMF Bentham).
A statement from AMP made no mention of other potential suits, including a class action previously touted by Slater and Gordon.
However, speaking to Lawyers Weekly, Slater and Gordon head of class actions Ben Hardwick confirmed that the ASX-listed firm is still considering a claim against AMP.
“We are developing our claim and expect to file in coming weeks,” Mr Hardwick said. “Our view is that it’s not a race to court.”
More broadly, Mr Hardwick said the mood of the AMP AGM indicates justice must be served.
“The anger surrounding today’s AGM reflects the anger that we’ve been hearing from AMP shareholders,” he said.
“Hundreds of mum and dad investors and dozens of institutions have now contacted Slater and Gordon - this is some of the fastest uptake we’ve seen with regard to class actions of this type, which shows the magnitude and pervasiveness of shareholders’ losses.
“Mike Wilkins’ unreserved apology today is an important first step, but there is a long way to go to ensure shareholders receive meaningful restitution.”