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.