AMP shares lift after $120m settlement of super fees class action
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More news: Shares in AMP lifted in afternoon trade after the company announced it had settled a class action that had alleged the financial services provider had excessive fees and low interest rates on cash-only options.
At 2:04pm AEST, AMP’s share price had climbed 6% to $1.79.
AMP settles super fees class action for $120m
The news: AMP has settled a class action brought on behalf of superannuation customers against its subsidiaries on the claim that AMP had charged excessive fees and delivered low interest rates on cash-only options.
The numbers: A total $120 million settlement has been reached, subject to finalisation and execution of a deed of settlement by the Federal Court. Of this figure, about $75 million will be paid by AMP while the remaining will be paid by insurance.
The context: AMP has made no admission of liability in reaching the settlement.
The class action was brought against NM Superannuation Proprietary, AMP Superannuation and AMP Services on behalf of some superannuation clients and their beneficiaries over the period July 2008 and May 2020. It was jointly led by Maurice Blackburn Lawyers and Slater and Gordon.
Separately, AMP said it had reached a settlement agreement with regards to legal proceedings the bank had brought by AMP against insurers. The proceedings related to recovery amounts sought relating to costs “incurred in historical remediation programs which concluded in 2022”.
So far ANZ has received $44 million in proceeds, with AMP continuing in discussions with insurers following a hearing in August 2025.
What they said: “The settlement of this class action is another important step forward for AMP, which means we can put this legacy matter behind us,” AMP chief executive Alexis George said.
