AMP

AMP has lost its bid to access documents showing software company DST Bluedoor's revenue forecasts and employee remuneration in a $35.5 million legal stoush alleging the financial services firm induced 11 employees to jump ship after licensing its online advisor platform.

The former director of Sydney financial planning practice Hillross Bella Vista has been conditionally released without a conviction recorded after pleading guilty to falsifying documents uncovered during an investigation by the Australian Securities and Investments Commission.

Six of Australia's biggest financial services firms have paid or offered to pay a total of $1.86 billion to customers who were wrongly charged fees for no service or were given bad advice.

The Australian Securities and Investments Commission has hit financial services provider AMP with court action over fees-for-no-service conduct that allegedly led to upwards of $600,000 being unlawfully withdrawn from superannuation member accounts.

The Australian Securities and Investments Commission has dropped its criminal investigation of AMP over its fees-for-no-service conduct which was aired during the banking royal commission.

AMP and a number of its financial planning subsidiaries have launched a bid to declass a group proceeding jointly run by Piper Alderman and Shine Lawyers over allegedly excessive insurance premiums.

The corporate regulator is taking five AMP entities to court alleging they acted unconscionably by continuing to charge life insurance premiums and advice fees to more than 2,000 customers after they were notified of their death.

As the no win, no fee model comes out on top in another high profile class action beauty contest, legal experts say third-party litigation funders will need to evolve and "fight back" to stay competitive.

The High Court has set a date for handing down its keenly anticipated judgment in a case that challenged the winner of a beauty contest of class actions against AMP, a decision expected to offer guidance on how courts should tackle the so-called multiplicity problem.

In Wigmans v AMP the High Court will shortly deliver judgment on the vexed issue of class actions that compete to represent substantially the same class or group. Dr Michael Duffy of Monash University previews the decision.