AMP settles legacy class action for $29 million
AMP Ltd has reached an in-principle agreement to settle a class action for $29 million related to historical commissions paid between 2014 and 2021.Summary
AMP Ltd announced a $29 million in-principle settlement to resolve a class action concerning commissions paid between July 2014 and February 2021. The settlement, which requires Federal Court approval, covers claims against AMP subsidiaries and Resolution Life Australasia, but involves no admission of liability from AMP. AMP Chief Executive Alexis George stated the settlement is a step towards resolving legacy legal issues and focusing on future operations and customer service. The class action was initiated in 2020 and related to commissions paid by AMP Financial Planning, Charter Financial Planning, and Hillross Financial Services. If approved, the settlement will allow AMP to move forward from this key legal matter and concentrate on operational performance and customer support. Over the past year, AMP shares have increased by 14%, exceeding the S&P/ASX 200 Index's 3% rise.
(Source：The Motley Fool Australia)