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Class actions filed as more AMP directors quit

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Two class action lawsuits have been filed against AMP, as the fallout from the Hayne royal commission continues.

Quinn Emanuel Urquhart & Sullivan will represent shareholders who bought AMP stock between May 10 2012 and April 15 this year.

AMP’s market capitalisation has plummeted by $2 billion.

The class action alleges the group breached its continuous disclosure obligations and made misleading statements.

The case is backed by global litigation funder Burford Capital.

Meanwhile, Phi Finney McDonald has filed a class action on behalf of shareholders who bought AMP stock between May 2013 and April 13 this year.

News of AMP’s misconduct has sent its share price to a six-year low.

Three more directors stepped down last week.

Vanessa Wallace and Holly Kramer left before last week’s annual general meeting, while longest-serving director Patty Akopiantz will leave at the end of the year.

Ms Wallace has also resigned as chairman of AMP Capital Holdings.

“Our shareholders are demanding board accountability and need to know that meaningful change is under way,” Interim Executive Chairman Mike Wilkins said.