AMP has won its bid for more information on a class action’s allegations that it charged excessive insurance premiums, saying the applicant appeared to be “in search of a case”.
A contradictor appointed to represent group members’ interests in relation to a $100 million settlement in a class action against AMP wants to shave $2.6 million off the funder’s cut, telling the court that deductions for ATE insurance and administrative fees should not be approved.
AMP’s former head of advice Jack Regan has filed proceedings against the owner of The Australian, Nationwide News, over a story he claims defamed him by alleging he misled ASIC over the charging of fees for no service.
The funder of a class action by financial advisers against AMP is seeking a $28.5 million profit from a $100 million settlement, a hefty payout that has prompted the appointment of a contradictor but may survive the scrutiny in light of a recent appeals court decision.
AMP has lost its bid for soft class closure in a class action over allegedly excessive superannuation fees, with a judge finding the court should exercise “real caution” when class closure is opposed by the applicant.
A judge has refused to redact a judgment signing off on the discontinuance of several product claims in a class action against three AMP subsidiaries after the applicant failed to gather the required evidence, saying it was not enough that the reasons “may be an embarrassment to people who commenced the proceeding”.
The applicant in a class action against four AMP subsidiaries and two trustees over alleged excessive superannuation fees has flagged its opposition to soft class closure, saying it would be “completely inappropriate” to require the large class of up to two million group members to register ahead of mediation.
The Australian Securities and Investments Commission has banned a former AMP authorised representative who is suing the wealth manager for allegedly terminating him without proper cause and forcing him to sell his business for $6.1 million under its buyer of last resort program.
AMP has agreed to pay $100 million to settle a class action by financial advisers over its buyer of last resort policy, after suffering a loss at trial.
AMP has been taken to court by a former licenced financial advisor who alleges he was terminated without proper and sufficient cause and forced to sell his business for $6.1 million under the wealth manager’s buyer of last resort program.