Maurice Blackburn and Shine Lawyers have announced plans for class actions against AMP, which now faces five such possible lawsuits over alleged financial misconduct and its effect on shareholders.

A Shine spokesman told insuranceNEWS.com.au the law firm has “already drafted the statement of claims” and aims to have the papers filed today.

Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald have filed competing lawsuits against the embattled financial services group.

Slater & Gordon expects to file in the coming weeks, a spokesman told insuranceNEWS.com.au.

AMP may be the first Australian organisation to face five class actions.

“The maximum number I am aware of is three,” University of NSW Law Professor Michael Legg told insuranceNEWS.com.au.

AMP’s market value has tumbled as investors brace for potentially huge compensation payouts to customers wrongly charged for services they did not receive.

Evidence in the second round of the royal commission on financial services misconduct shows executives lied and provided misleading information to regulators for years.