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Maurice Blackburn wins battle to lead AMP class action
Maurice Blackburn Lawyers has beat out law firm competitors to lead the charge in a hotly-contested class action against AMP.
Emma Musgrave
NSW Supreme Court Chief Judge in Equity the Honourable Justice Julie Ward named the plaintiff firm as the firm to lead the shareholder class against AMP, following damning revelations at the banking royal commission, including accusations that the financial giant provided false and misleading statements to the regulator and charged customers for services that were not provided.
Maurice Blackburn first announced it would conduct its class action against AMP 12 months ago.
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Its filing joined those brought forward by Shine Lawyers, Phi Finney McDonald and Quinn Emanuel, with each vying for the chance to lead the charge.
Slater and Gordon also launched action against AMP but eventually consolidated its claims with that of Maurice Blackburn’s, with the latter to run the litigation alone.
In handing down her decision Justice Ward noted that it was Maurice Blackburn’s approach to the class action, whereby it would conduct the class action on a “no win, no fee” basis, that gave it the edge over competitors.
“We are pleased that the court accepted that Maurice Blackburn’s funding model could help deliver the best returns to group member,” said Andrew Watson, national head of class actions at Maurice Blackburn.
“We look forward to getting on with the important job of obtaining a recovery for affected AMP shareholders.”
