Shine Lawyers secure funder for shareholder class action against AMP

16-May-2018 9:45 AM

Shine Lawyers have partnered with Augusta Ventures Limited, the largest litigation funder in the UK market by volume, to bring a shareholder class action against AMP.

It comes three weeks after the firm announced its investigation into a shareholder class action against AMP. The investigation follows recent evidence given by AMP executives to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Shine’s investigation is focused on claims that AMP engaged in misleading and deceptive conduct, false and dishonest conduct and failed to disclose material information to the market during the period 24 May 2013 to 20 April 2018. Such conduct includes deliberate decisions made in 2013 and 2015 to charge clients for services never received; making 20 separate misleading statements to ASIC about those charges; failing to disclose the receipt and effect of a PWC report on its overall operations; and, interfering in a report prepared for ASIC which it represented as being “independent”.  

The information, when released in the course of the Royal Commission hearings, caused the share price to drop by 10.2%.

“We encourage all shareholders who purchased shares in AMP from 24 May 2013 to 20 April 2018 to register their interest in a claim on Shine’s website.

We are continuing to conduct our due diligence into this matter and expect to file proceedings shortly.

Shareholders feel rightly aggrieved by the revelations of AMP at the Royal Commission. Shine is looking forward to assisting shareholders to recover some of the losses they have suffered as a result of the scandalous decision-making that has occurred at AMP over a number of years”, said Class Actions Expert, Jan Saddler. 

We are confident that the funding package proposed by Augusta Ventures and Shine will maximise net returns for investors seeking redress against AMP, and we look forward to helping those investors obtain the compensation they are due” said Saddler. 

ABOUT AUGUSTA VENTURES LTD  
  • Augusta has funded more cases in the UK than any other litigation funder
  • Augusta Ventures (Australia) Pty Ltd is registered in Australia. Australian Company Number: 617 404 145
WHERE TO SIGN UP:
Shine Lawyers are encouraging all shareholders who purchased shares in AMP from 24 May 2013 to 20 April 2018 to register their interest in a claim on Shine’s website at https://www.shine.com.au/service/class-actions/amp-investigation/
 
 
Media Enquiries:  
For interview opportunities and for more information:
Miriam Eryan, National Media & Communications Team Leader, Shine Lawyers 0466 367 497
 
 
 

Topic: General News

Media contact

About us