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AMP faces shareholder class action

An international law firm is preparing a class action for shareholders against AMP over its $1 billion stock price plunge since early last month.

Shareholders have also been affected by AMP’s admission to the Hayne royal commission that it deceived customers and the Australian Securities and Investments Commission for years, which forced the resignation of CEO Craig Meller last week.

Quinn Emanuel Urquhart & Sullivan’s lawsuit will be filed in the Supreme Court of NSW.

The law firm is also trying to recruit local councils to mount a class action against major broker JLT, alleging the councils paid overpriced premiums. [See article in CORPORATE.]

“We are going ahead with the [AMP] action,” partner Damian Scattini told insuranceNEWS.com.au. “We are preparing it, which will take a couple of weeks.”

The law firm is still calculating the compensation amount to be sought, and it may be a “very significant figure”, Mr Scattini says. “The share wipeout has been extraordinary… people have lost as a result of inactions in failing to update the market.”

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