AMP facing into 2019 superannuation class action
Members of AMP superannuation funds have been reminded of an ongoing class action initiated in 2019 over fees.
The Federal Court has ordered the issue of a notice regarding the class action being run by law firms Slater and Gordon and Maurice Blackburn on behalf of current and former members of the AMP Superannuation Fund.
The notice gives people identified as members or former members of the AMP funds until 23 May to either participate in the class action or opt out.
The class action, dating back to 2019, covers current and former AMP superannuation fund members against AMP Superannuation Pty Limited (formerly AMP Superannuation Limited) (ASL), N.M. Superannuation Pty Ltd (NMS), AMP Life Limited (AMP Life), AMP Services Limited (AMP Services) and the National Mutual Life Association of Australasia Limited (NMLA).
The Federal Court document said the claim seeks to recover compensation for group members who hold or held an AMP superannuation account(s), other than a Platform Fund or Mature Product, at any time from:
- a) 1 July 2008 for members of the AMP Superannuation Savings Trust, AMP Retirement Trust, or the Eligible Rollover Fund; or
- b) 30 March 2011 for members of the Super Directions Fund.
The class action alleges that the superannuation fund trustees set fees and charges on an internal basis that was not at arm’s length with the result that the fees were not competitive.
AMP has denied the allegations and is defending the claim.
Ambulance chasers just after their 40% commission on a settlement for a baseless claim. I hate AMP but courts should throw this type of rubbish case out rather than let it hang around for 6 years.