Four competing class actions filed against AMP in the Federal Court have been transferred to the Supreme Court of NSW.

AMP is facing five shareholder lawsuits in total, including one that was filed in the Supreme Court. The Supreme Court will now decide which of the five will proceed.

AMP faces financial misconduct allegations after the Hayne royal commission provided proof executives lied and misled regulators for years.

The Federal Court says the move is necessary because the multiple class actions are “potentially inimical to the administration of justice”.

“It is important to look at the appropriate management of these competing class actions from the correct perspective,” Chief Justice James Allsop says in a judgement. “These are proceedings brought not only for the benefit of the named lead plaintiff or plaintiffs, but also on behalf, and for the benefit, of all group members.

“Sometimes, though not always, such actions are funded for commercial reasons by litigation funders.”

AMP called in June for the lawsuits to be consolidated in the Supreme Court.