FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray
(Reuters) – Australian law firm Maurice Blackburn said on Thursday it has filed a class-action lawsuit against wealth manager AMP Ltd on the behalf of all AMP superannuation fund account holders.
The suit would be yet another strike against the beleaguered wealth manager, with up to five law firms having filed or threatened to file class actions against AMP after damaging revelations from a powerful inquiry into Australia’s financial industry.
Maurice Blackburn alleges that AMP contravened a number of obligations resulting in members being charged “unjustifiably” high fees for an extended period of time.
The allegations struck a similar tone to previous lawsuits against the company, after revelations at the inquiry that AMP had lied to regulators, allegedly doctored an independent report, and charged customers fees for no service.
In response to the class action, AMP said the company had not been served with any proceedings on the matter, and that it would “defend the matter vigorously” if served.
Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates and Richard Pullin
Source : Reuters
