FILE PHOTO: The emblem of AMP Ltd, Australia’s largest retail wealth supervisor, adorns their head workplace situated in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray
(Reuters) – Australian wealth supervisor AMP Ltd stated on Thursday it will defend itself towards a brand new class-action lawsuit filed on behalf of pension fund account holders and claiming overcharging of charges.
The go well with, filed by regulation agency Maurice Blackburn within the Federal Court in Melbourne, is certainly one of a number of class actions towards the corporate triggered by revelations of misconduct final yr.
Maurice Blackburn alleges that AMP charged its clients “unjustifiably” excessive charges for an prolonged time period, echoing comparable allegations in earlier lawsuits. bit.ly/2I5Xgx7
AMP stated in a press release it will vigorously defend the lawsuit.
The agency’s inventory was barely larger in morning commerce, in a weaker broader market.
“From a risk point of view, it is probably looking more attractive now than it has for some time but it still has got a long way to go to rebuild a reputation,” stated James McGlew, government director of company stockbroking at Argonaut.
Reporting by Ambar Warrick; further reporting by Aby Jose Koilparambil and Devika Syamnath in Bengaluru; Editing by Stephen Coates