AMP settles class action with Komlotex
AMP has announced it has settled the shareholder class action brought by Komlotex Pty Ltd in June 2018 for a total of $110 million.
The issue related to matters raised during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
In the announcement made to the Australian Securities Exchange (ASX), AMP said in reaching a settlement, it made no admission of liability.
The settlement remains a subject to the finalisation and execution of a deed of settlement and approval by the Supreme Court of New South Wales.
Also, the majority of the settlement amount will be met by available insurance proceeds.
According to the ASX announcement, the class action was related to “market disclosure of certain matters that were raised in the 2018 Banking and Financial Services Royal Commission”.
“The settlement does not impact the current second tranche of capital return to shareholders and we remain committed to updating the market on the third tranche of capital return by 31 December 2023,” AMP said in the announcement.
If only the Govt and ASIC put in the same time and effort to ensure retail advisers were better equipped…
I was a risk only adviser for the last 15 years of my advice career. I.e. no inveestment advice in…
Outstanding contribution with analytical precision. Balanced and yet crucially critical on incompetent policy thinking in a free market. Well done…
How is an unrelated sub sector of any real difference to an unrelated Adviser that has nothing to do with…
You're clearly an AIOFP member and most likely licensed by Interprac, The AIOFP record in this area is abhorent.