AMP

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.

April 26, 2018:

It was reported that AMP's chief executive would step down and that the company would "undertake a governance review after the royal commission heard it had mislead customers and regulators."

Status - 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.

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.