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The long-awaited class action against AMP is now live, with law firm Maurice Blackburn at the helm.
The firm, which won the right to bring the class action against AMP last week, is seeking compensation for AMP superannuation fund members allegedly hit by "unreasonable" fees.
The case arises from evidence presented at the Royal Commission into the banking and finance sector, which revealed that AMP's superannuation funds were charging administrative fees with high costs exceeding returns and causing investment losses in some instances.
Maurice Blackburn's class action claims that the AMP trustees failed to monitor, compare, negotiate or seek reductions of these fees being pocketed by the company.
Principal lawyer at Maurice Blackburn Brooke Dellavedova says the class action allows aggrieved shareholders to pursue private enforcement of their rights in relation to what was uncovered during the Royal Commission.
"It's important that inquiries and regulators uncover mass wrongdoing of this nature, but that doesn't give people back their hard-earned superannuation funds, which they need for their retirement," says Dellavedova.
The firm alleges that over two million accounts were impacted by the conduct of AMP.
"This class action asserts that AMP trustees breached statutory and general law obligations, essentially paying itself handsome fees from members' funds. The case we are running will hold AMP to account for that," says Dellavedova.
"Importantly, the matter will proceed in a way that means no one has to dip into their own pockets to fund the litigation. AMP account holders can band together to recover compensation, in circumstances where most people would not bring a case on their own."
The class action is being supported by litigation funder Harbour and is open to members who held one or more superannuation account with AMP at any time from 30 May 2013.
Shares in AMP are up 0.23 per cent to $2.20 per share at 10.40am AEST.
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