AMP to appeal BOLR court decision
AMP Limited will appeal its Federal Court loss on the Buyer of Last Resort (BOLR) class action.
The company announced to the Australian Securities Exchange (ASX) its intention to appeal the judgement handed down in July.
However, it also said that the parties had agreed to engage in mediation on the issue which is scheduled to take place in November.
Signalling that the company preferred a mediated outcome, AMP Group Executive, Advice, Matt Lawler said:
“While we believe we have grounds on which to appeal, we also recognise the ongoing impact the proceedings are having on practices, with whom we’ve worked hard to rebuild strong and trusted relationships. We value these relationships and that’s why we are fully committed to the upcoming mediation process in November 2023, with the aim of reaching agreement on an outcome that allows us to put this behind us.”