AMP settles super class action for $120m
AMP Limited is to pay a settlement of $120 million to settle a class action launch brought against its superannuation businesses relating to fees charged to members and interest received.
The company has told the Australian Securities Exchange that it has reached agreement in principle to settle the class action brought against N.M. Superannuation Pty Ltd and AMP Superannuation Pty Ltd and AMP Services Limited on behalf of certain clients and their beneficiaries for the period of July 2008 to May, 2020.
It said the proceedings related to fees charged to members of the funds and the interest rates received and fees charged, on cash-only fund options.
The announcement said the settlement is for $120 million and is subject to finalisation and execution of a deed of settlement and approval by the Federal Court.
It said AMP will contribute approximately $75 million with the balance met by insurance.
It said settlement had been reached with amp making no admission of liability.
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