The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.
Law firm Quinn Emanuel Urquhart & Sullivan has told the court it will appeal a judgment permanently staying its shareholder class action against AMP over the wealth manager’s fees for no service scandal.
AMP’s financial planning unit has admitted it breached the Corporations Act when at least one of its representatives engaged in so-called insurance policy churning, in a case brought by the Australian Securities & Investments Commission that will now head to a hearing on penalties next month.
An argument over the admissibility of an expert report produced by the Australian Securities and Investments Commission in its insurance churn case against AMP was sidestepped Monday, with a judge proposing experts from both sides instead file a joint report in the case.
AMP executives are the focus of the Australian Securities and Investments Commission’s investigation of the wealth management firm’s fees for no service scandal, a court heard Friday.
And then there were four. Plaintiffs law firm Slater & Gordon wants to consolidate its AMP shareholder class action with Maurice Blackburn’s case and hand over the reins to its rival, a deal signed the day the Full Federal Court affirmed the power of judges to shut down competing class actions.
Embattled financial giant AMP on Tuesday criticised concerns raised by lawyers for the federal class actions about group members’ opt out rights, saying the concerns were a “red herring” in the fight against an order transferring their cases to the NSW Supreme Court.