Maurice Blackburn seeks super fees redress from AMP

Published:

NOTE: This article is older than 12 months

Australia's largest class action law firm, Maurice Blackburn Lawyers, has today filed the first class action seeking compensation for AMP superannuation fund members allegedly stung by unreasonable fees. The case has been filed in the Federal Court (Melbourne registry).

AMP superannuation members can now sign-up to claim back fees dating back to 30 May 2013 at www.mauriceblackburn.com.au/AMPSuperfees .
 
Material tendered during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed that AMP's superannuation funds were charging uncompetitive administration fees, with high costs exceeding returns and causing investment losses in some instances.
 
Building on the findings of the Royal Commission, the action filed today by Maurice Blackburn claims that the AMP trustees, whose duty was to act in the best interests of members, failed to monitor, compare, negotiate or seek reductions of hefty fees being pocketed by related AMP Group companies.
 
Principal Lawyer at Maurice Blackburn, Brooke Dellavedova, said that the class action provided an important vehicle for private enforcement by members who wanted to take action in response to the misconduct uncovered by 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. We estimate that over two-million accounts have been impacted by AMP's alleged misconduct," Ms Dellavedova said.
 
"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.
 
"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.
 
Members who held one or more superannuation account(s) with AMP at any time from 30 May 2013 can join online at www.mauriceblackburn.com.au/AMPSuperfees .
 
"If you have had a superannuation account with AMP at any time since 30 May 2013, then you can sign up for this action to recover some of your lost funds, including compound growth amounts you missed out on," Ms Dellavedova said.

 
Business Business & Economy Law & Safety Money & Finance
Social:   

Maurice Blackburn Lawyers :
76 Wises Road, Maroochydore
07 5430 8700
07 5443 6711
Maurice Blackburn Lawyers
Showing 8 recent articles for this business
Federal Court test case challenging sports rorts 23 July 2020 | Maurice Blackburn Lawyers has issued legal proceedings in the Federal Court in a test case seeking to overturn a decision made by the Australian Sports Commission (ASC) to reject a funding application from the... More information...
Maurice Blackburn Lawyers welcome ground breaking wage theft laws to Queensland 15 July 2020 | Leading workplace law firm Maurice Blackburn Lawyers today welcomed the introduction of wage theft laws in Queensland by the Palaszczuk Government, saying the move would help end the exploitation of the state's... More information...
Maurice Blackburn issues court challenge to profitable companies using COVID-19 to attack workers' condition 10 June 2020 | Leading workplace law firm Maurice Blackburn Lawyers has launched a land-mark test case alleging a Victorian finance company and its CEO unlawfully slashed the salary of a senior manager by more than 80 per cent... More information...
Independent report confirms bullying and sexism at Airservices Australia poses serious risk to safety and requires urgent action 29 May 2020 | A damning report by former Australian Sex Discrimination Commissioner Elizabeth Broderick into Airservices Australia has confirmed the organisation is rife with bullying and sexual harassment, backing union... More information...
Compensation sought after Optus publish personal details of 50,000 customers in massive privacy breach 27 April 2020 | The telecommunications giant published personal details, including home addresses, of the customers, which it revealed in October 2019. In what is an important test of Australia's privacy laws, the class action is... More information...
Almost 70,000 Queenslanders to share in $42.5 million Cash Converters class action payout 24 March 2020 | About 68,000 Queensland Cash Converters customers will soon start receiving much-needed compensation payments after the Federal Court today approved a $42.5 million settlement following a successful class action... More information...
Maurice Blackburn challenges dodgy sports rorts grants on behalf of overlooked community sports club 05 March 2020 | The prospect of a Federal Court challenge over the sports rorts affair has increased after Maurice Blackburn Lawyers sent a formal Letter of Demand to the Australian Sports Commission (ASC) on behalf of the... More information...
Worker sacked over Downfall joke reinstated by Full Bench of Fair Work 28 February 2020 | Leading employment lawyers Maurice Blackburn and the Australian Workers' Union have welcomed a decision by the Fair Work Commission to re-instate a Western Australian BP oil refinery technician sacked for sharing... More information...


comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service