NSW Supreme Court Approves $100 Million Settlement in ‘Fees for No Service’ AMP Class Action

Published on November 17, 2023

The Supreme Court of New South Wales (NSW) has approved a $100 million settlement between financial services giant AMP and its shareholders over allegations of misconduct. Over 18,700 investors were notified of the multimillion-dollar settlement and given the chance to raise concerns after parties to the class action reached the agreement on Aug. 20. Only one shareholder objected to the settlement based on a “misunderstanding” that they were promised full compensation for a drop in share value allegedly caused by AMP’s supposed misconduct. Barrister Cameron Moore S.C., acting on behalf of the shareholders, told the court the amount reached in the settlement only reflected a portion of the total claimed in the class action....

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