AMP

AMP has agreed to pay $120 million to settle a class action stemming from the banking royal commission which accused it of overcharging millions of superannuation members over a 12-year period.

Real estate fund manager Dexus has sued wealth management firm AMP following a decision forcing it to sell its half of the $1.7 billion Macquarie Shopping Centre.

On the first day of a seven-week class action trial, a judge has heard that AMP Superannuation failed to renegotiate interest rates with AMP Bank for up to 12 years, despite investing as much as $2 billion in customers' superannuation with the bank.

Munich Reinsurance has been given the OK to bring additional claims in its $696 million lawsuit, which accuses AMP of misleading or deceptive conduct over a quota share agreement.

AMP has won its bid for more information on a class action’s allegations that it charged excessive insurance premiums, saying the applicant appeared to be “in search of a case”.

A contradictor appointed to represent group members' interests in relation to a $100 million settlement in a class action against AMP wants to shave $2.6 million off the funder’s cut, telling the court that deductions for ATE insurance and administrative fees should not be approved.

AMP’s former head of advice Jack Regan has filed proceedings against the owner of The Australian, Nationwide News, over a story he claims defamed him by alleging he misled ASIC over the charging of fees for no service. 

The funder of a class action by financial advisers against AMP is seeking a $28.5 million profit from a $100 million settlement, a hefty payout that has prompted the appointment of a contradictor but may survive the scrutiny in light of a recent appeals court decision.

AMP has lost its bid for soft class closure in a class action over allegedly excessive superannuation fees, with a judge finding the court should exercise “real caution” when class closure is opposed by the applicant. 

A judge has refused to redact a judgment signing off on the discontinuance of several product claims in a class action against three AMP subsidiaries after the applicant failed to gather the required evidence, saying it was not enough that the reasons "may be an embarrassment to people who commenced the proceeding".