The class action was settled out of court.
On the eve of a 15-day trial in the NSW Supreme Court, AMP and the Maurice Blackburn-backed class action resolved the five-year-long legal battle.
AMP said it had charged fees to customers who did not receive any services and withheld information about these breaches from the Australian Securities and Investments Commission. They claimed the corporation should have been more open about its conduct and that shareholders purchased shares at an inflated price as a result.READ MORE:
In an ASX announcement on Monday, AMP said the settlement amount would mostly be covered by its insurance.Capital returns expected this year for current shareholders would not be affected, AMP added.
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