AMP has settled a shareholder class action related to revelations emerging from the Hayne royal commission for $110 million. 

Maurice Blackburn Lawyers filed the action on behalf of shareholders who argued they had suffered loss after AMP’s share price slumped following revelations of alleged misconduct by the firm. 

The royal commission heard that AMP had been charging clients fees for no service in various contexts and had misled the Australian Securities and Investments Commission regarding the fees. 

A four-week trial in the Komlotex class action, filed on June 7 2018, was due to start today. 

“In reaching a settlement, AMP makes no admission of liability,” the company said in a statement. “The majority of the settlement will be met by available insurance proceeds.” 

The settlement remains subject to the execution of a deed of settlement and approval by the NSW Supreme Court. 

The class action represented those who acquired shares from May 10 2012 to April 13 2018, or that bought American Depositary Receipts representing the shares from June 7 2012 to April 13 2018. 

Maurice Blackburn says it’s the tenth occasion that the firm has achieved a settlement in a shareholder class action in excess of $100 million.