AMP in court defending super fees class action | Australian Markets

Law firm Slater and Gordon has gone instantly public in highlighting a legacy class action it’s urgent home in opposition to AMP Limited over allegedly extreme fees charged on superannuation accounts.

The class action kicked off in the Federal Court this week with each Slater and Gordon and Maurice Blackburn Lawyers in search of to prosecute clams that AMP trustees systematically overcharged members between 2008 and 2020 “particularly these invested in uncompetitive, high payment merchandise, MySuper merchandise, money and term deposits.

Financial Newswire lately reported that present and former AMP purchasers had been notified of the class action and given the possibility to choose in.

Slater and Gordon mentioned the central clams are in relation to overcharging of administration fees on a quantity of massive, costly merchandise comparable to Flexible Lifetime Super, MySuper accounts, in addition to overcharging investment fees on money and term deposits.

“No other retail fund was charging investment fees on cash or term deposits like AMP,” the firm mentioned.

“We believe the evidence in this case will show that AMP was driven by profit and not the best interests of its superannuation members – made up of millions of hardworking Australians,” Slater and Gordon’s head of class actions, Emma Pelka-Caven mentioned.

“This is about justice for ordinary Australians,” Pelka-Caven mentioned. “These are people who trusted AMP to safeguard their retirement savings – and instead lost thousands of dollars.”

She mentioned that regardless of Hayne’s suggestion that AMP was in search of to brush apart the problems highlighted with its working model during the Financial Services Royal Commission, via this continuing, members search compensation for the breaches they allege occurred over an prolonged period of time. AMP continues to disclaim wrongdoing and has defended the class action since proceedings started in 2019.

“AMP’s conduct represents a serious failure of duty, transparency and fairness. The class action alleges that AMP superannuation trustees were deferential to the financial interests of the AMP Group at the expense of the interests of members. This had a harmful impact on millions of AMP superannuation account balances,” Maurice Blackburn national head of Class Actions, Rebecca Gilsenan mentioned.

“Millions of Australians were unknowingly short-changed over years. Through this class action, AMP superannuation account holders are seeking accountability and to be restored to the position they would have been in had the AMP trustees complied with their duties”

The trial, set to run for seven weeks with Slater and Gordon claiming that it’s going to reveal misconduct that was not half of the Hayne Royal Commission.