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ASIC seeks $36M penalty against AMP unit in insurance churn case
Financial Services 2019-06-19 5:13 pm By Miklos Bolza

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.

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Quinn Emanuel to appeal loss in AMP class action beauty parade
Class Actions 2019-05-29 5:08 pm By Miklos Bolza

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.

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AMP admits to breaches in ASIC’s insurance churn case
Financial Services 2019-05-21 12:43 pm By Miklos Bolza

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.

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Judge calls for joint expert report in ASIC’s insurance churn case against AMP
Financial Services 2019-04-08 7:57 pm By Miklos Bolza

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.

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ASIC targets AMP execs in fees for no service probe, court told
Financial Services 2019-02-08 9:13 pm By Christine Caulfield

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.

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Slater & Gordon looks to bow out of AMP class action beauty parade
Class Actions 2018-12-07 9:55 pm By Miklos Bolza

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.

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AMP slams ‘red herring’ in class action transfer fight
Class Actions 2018-08-14 8:58 pm By Miklos Bolza

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.

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