AMP Limited has settled its buyer of last resort class action.
The company has announced that agreement has been reached to settle the class action on behalf of some practices authorised by AMP Financial Planning as of 8 August 2019.
It said the settlement is for a total of $100 million and is subject to finalisation by the Federal Court.
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Senior execs should resign over this including the CEO.
Most of the older dead wood at AMP was swept out some time ago…. and there was a lot.
The new CEO and board (reportable to shareholders) wouldn’t be doing their job if they didnt defend the company I guess… whilst ultimately coming to an equitable agreement will all concerned.
Pity its too late for many advisers and that the previous top brass at AMP proved exactly the type of people they were. Good riddance.
The current CEO had a choice to accept the decision of the court or fight it. By fighting it she choose to support the previous management. Whilst I might get $50 out of the class action that is small change compared to the funds they illegally took away from me by ignoring contract law. This also doesn’t allow for the subsequent diagnosis of depression and PTSD. I would argue it isn’t an equitable agreement but probably the best available when you consider the ethics of the current and previous management of what is a feral organisation that is a blight on financial planning in Australia.