Court approves $110m settlement in AMP class action

The news: AMP has reached a $110 million class action settlement with shareholders who claimed the group's 'deliberate' policy of charging fees for no service later caused the share price to tank. The NSW Supreme Court found the deal reasonable and in the interests of affected investors, AAP reports.

The numbers: Only one of the 18,700 investors notified of the deal in August objected to the settlement, as they had expected full reimbursement for the value lost through AMP's drop in share price. Law firm Maurice Blackburn will claim $26 million in costs from the settlement, plus $1.1 million in future costs, and $60,000 will go to the two lead plaintiffs.

The context: AMP shares tanked almost 60% in the year that followed revelations the financial giant had charged advice fees for more than 1400 superannuation accounts for customers who had already left the fund. The misconduct occurred between between July 2015 and September 2018, and became a point of interest in the Hayne Royal Commission. AMP shares were worth $5.46 in March 2018, and now trade for around $1.01.