AMP to defend life insurance class action, Dexus dispute
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The news: Wealth manager AMP has said it will defend two new legal proceedings, after a class action was filed against its superannuation business NM Super in the Federal Court in Victoria while property investor Dexus Funds Management filed separate proceedings in the NSW Supreme Court.
The context: AMP said the case against NM Super relates to allegations of higher premium payments by certain members of AMP's super funds for life insurance between 2019 and 2024.
The class action has commenced against NM Super, its parent AMP Superannuation, and life insurance provider Resolution Life.
The proceedings by Dexus relate to the sale value of the Macquarie Shopping Centre in Sydney. This proceeding is also against Collimate Capital. AMP sold Collimate Capital's domestic real estate and infrastructure equity business to Dexus in 2023 but have retained some of the entity.
A court ruled last year that Dexus must sell its 50% in the Macquarie Centre to its co-owners UniSuper and Cbus Property, who argued that Dexus breached an agreement when it took over the management of the shopping centre from AMP Capital.
The new proceedings follow a separate class action against AMP for allegedly charging excessive fees on superannuation accounts for more than a decade. Hearings for that case began in May.
