Slater and Gordon becomes fourth law firm to take on AMP in class action
7 June 2018, Written by David Simmons
AMP (ASX: AMP) has been hit with a fourth shareholder class action, this time by Slater and Gordon.
Slater and Gordon says it has filed proceedings against the wealth management business in the Federal Court of Australia, adding that it will act on a no-win, no-fee basis.
The class action relates to the controversy that arose during the financial services royal commission that AMP was charging customers for financial advice that was never delivered.
The firm says that hundreds of mum and dad investors and institutions have contacted the firm and were "rightly furious" about AMP's conduct.
The revelations at the royal commission has set off a chain of class actions being brought against the firm by some of Australia's biggest law firms.
Slater and Gordon joins Quinn Emanuel Urquhart & Sullivan, Phi Finney McDonald and Shine Lawyers who have each launched separate investigations and class actions against the financial services giant.
Following the royal commission controversy AMP's shares spiralled to a six-year low, with more than $2 billion taken off the company's market value.
AMP chief executive Craig Meller and chairman Catherine Brenner both resigned in the fallout of the revelations.
The Slater and Gordon class action is open to investors who acquired shares in AMP between June 7, 2012, and April 15, 2018.
Shares in AMP closed on Wednesday afternoon at $3.73 per share.
Business News Australia
Author: David Simmons