PENDING
AMP Ltd. Case Spotlight
SETTLEMENT FUND: TBD
FILING DEADLINE: TBD
CASE NUMBER:
Dale Robert Alford, Sebastian Smith, Anne Cooper and Jodie Mitchell v AMP Superannuation Limited and others (VID572/2019)
CLASS PERIOD:
January 1, 2013 - April 30, 2018
NON-SETTLING DEFENDANTS
ELIGIBLE CLASS
COALITIONS:
1) SLATER & GORDON/THERIUM LITIGATION FINANCE (FEDERAL COURT AUSTRALIA – MELBOURNE)
Relevant Period: 6/7/12 – 4/15/18
Relevant Security: ASX: AMP; ISIN: AU000000AMP6: CUSIP: Q0344G101
OTC (US): AMLYY: ISIN: US0017EP2020: CUSIP: 0017EP202
Registration Deadline: 6/4/18 (negotiable due to length of claim period)
2) QUINN EMANUEL/BURFORD CAPITAL – (NSW SUPREME COURT)
Relevant Period: 5/24/13 – 4/16/18
Relevant Security: ASX:AMP
Registration Deadline: TBD
3) SHINE LAWYERS/AUGUSTA VENTURES (FEDERAL COURT AUSTRALIA – MELBOURNE)
Relevant Period: 5/1/17 – 4/16/18
Relevant Security: ASX: AMP
Registration Deadline: TBD
4) PHI FINNEY/IMF BENTHAM (FEDERAL COURT AUSTRALIA – MELBOURNE)
Relevant Period: 5/24/13 – 4/13/18
Relevant Securitiy: ASX: AMP; ISIN – AU000000AMP6; SEDOL- 6709958; CUSIP – 670995901
OTC Exchange: AMLYY (ADR); ISIN – US0017EP2020; CUSIP – 0017EP202
Registration Deadline: TBD
5) MAURICE BLACKBURN/LITIGATION FUNDING PARTNERS (FEDERAL COURT AUSTRALIA – MELBOURNE)
Relevant Period: 27 May 2015 to 13 April 2018 .
Relevant securities: AMP ordinary shares (ASX: AMP). The ISIN is AU000000AMP6.
Registration Deadline: No current deadlines
PROPOSED INSTRUMENTS
Relevant Security:
ASX: AMP; ISIN: AU000000AMP6: CUSIP: Q0344G101
OTC (US):
AMLYY: ISIN: US0017EP2020: CUSIP: 0017EP202
Preliminary Allegations
The company had breached its continuous disclosure obligations in that it had intentionally made false and misleading statements to ASIC designed to conceal the fact that it had been intentionally charging fees, and instead presenting the charges as administrative errors.
Case Summary
AMP Ltd. Case Spotlight
Currently proceeding as an “Open Class Action” so all AMP shareholders are included in it unless they decide to opt out.
A number of coalitions have filed complaints alleging that the company had breached its continuous disclosure obligations in that it had intentionally made false and misleading statements to ASIC designed to conceal the fact that it had been intentionally charging fees, and instead presenting the charges as administrative errors.
May 27, 2015: AMP provided a “Breach Report” to Australian Securities Investment Commission (ASIC) which identified some cases in which it charged fees for no service, however it is alleged the company mislead ASIC as to the reasons behind the charges.
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Case UpdatesMay 23, 2019: Court appointed Maurice Blackburn lead counsel. As the consolidated action is proceeding as an “Open Class” all persons who had previously registered in the other actions are automatically included in the Open Class. To participate in any settlement you will need to register with Maurice Blackburn at a time before any claims filing deadline provided by the Court. Open Court hearing on May 16, 2018 to determine procedural time line. AMP has until May 25, 2018 to seek more details from the 5 lawsuits and until July 20, 2018 to file a response. The lead plaintiff will then have to reply by August 3, 2018. June 1, 2018: Case management hearing. Opposing counsels agreed that all cases should be consolidated. Court has said that while the matter of where the case would be heard was outstanding nothing else could proceed. Application for transfer hearing to be held on August 14, 2018. August 28, 2018: Australian Fed Court transferred 4 AMP actions run by Maurice Blackburn, Slater & Gordon, Phi Finney and Shine to NSW Supreme Court. These 4 firms and Quinn Emanuel will now compete for lead counsel. |
BRIEF COMPANY PROFILE
Name AMP LTD
Country United States