A Sydney law firm has begun investigating a class action against Australian financial services giant AMP, in the wake of the royal commission revelations.
AMP has admitted to lying to customers and regulators, and has lost $1 billion in shareholder value since early March.
AMP’s shareholders have watched its stock fall sharply following revelations to the ongoing Royal Commission that the 169-year old financial services company charged customers fees for advisory services that were never delivered, and then repeatedly lied about its behaviour to regulators at the Australian Securities and Investments Commission (ASIC).
AMP’s head of financial advice acknowledged that the company had lost count of the number of times it misled ASIC, and its Chief Executive resigned on 20 April.
Law firm Quinn Emanuel Urquhart & Sullivan (QE) intends to pursue a class action against the financial services giant.
QE’s Damian Scattini said it was important that everyday investors were not left to take the fall for the bad behaviour of executives.
“The revelations of AMP’s misconduct are especially upsetting given the people who were hurt – the ordinary Mums and Dads who as shareholders gave AMP one of Australia’s largest shareholder registers,” Mr Scattini said.
“(They) have now lost their savings due to its dishonesty, and … were charged for services AMP has admitted they never received, all so executives could make hefty bonuses.
“QE has been investigating AMP’s precipitous share price fall even before the most recent revelations of misconduct.”
Shareholders who acquired shares between 24 May 2013 and 16 April 2018 should register their interest in recovering their losses by contacting Meagan Bertolatti on (02) 9146 3548 or [email protected].
Do you have shares invested in AMP? Have you been charged for financial advice you never received? Will you be registering your interest for the class action?