Australia’s AMP hit with class-action lawsuit from pension account holders

May 29, 2019

(Reuters) – Australian law firm Maurice Blackburn on Thursday said it had filed a class-action lawsuit against wealth manager AMP Ltd on the behalf of all AMP superannuation fund account holders.

Maurice Blackburn alleges that AMP contravened a number of obligations resulting in members being charged “unjustifiably” high fees for an extended period of time.

An AMP representative said the company had not been served with any proceedings on the matter, and that it would “defend the matter vigorously” if served.

(Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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