A judge has blasted AMP for dragging a fight over documents to court this close to Christmas, after software company DST Bluedoor revealed it is seeking $35.5 million in loss and damages against the financial services firm for allegedly inducing 11 employees to jump ship after licensing its online advisor platform.
Two law firms that have filed competing class action against AMP over allegedly excessive insurance premiums have changed tack and agreed to consolidate the proceedings.
The parties in a class action against AMP over changes to its buyer of last resort policy have agreed to a communications protocol making settlement offers and for releases attached to BOLR payments that require exiting financial advisers to waive their claims in the litigation.
The eyes of class action lawyers will be on the High Court Tuesday as it hears arguments over a judge’s power to choose a single class action among competing proceedings and what, if anything, should be made of a case’s funding structure and likely returns to group members when picking a winner.
A showdown over two competing class actions against AMP is set down for December, and the applicants will have to persuade the judge overseeing the cases that they should not be consolidated.
Changes to AMP’s buyer of last resort policy that reduced the multiple by which the wealth management firm would purchase advisers’ client registers was necessary to protect the business from a ‘BOLR run’, a court had been told.
AMP has settled legal proceedings brought by a former general counsel who claims she was sacked from the wealth management firm after raising concerns about its fees for no services conduct.
A former general counsel of AMP who claims she was sacked from the wralth management firm after raising concerns about its fees for no services conduct is looking to strike out defence claims that she “frequently and openly disparaged” the company’s board, as well as claims that she was being performance managed.
A class action has been filed against the Commonwealth Bank of Australia over commissions grandfathered by the Future of Financial Advice reforms.
A lawyer acting for former AMP employee Julia Szlakowski has accused the company of a lack of transparency and has released the findings of the London barrister hired to investigate her sexual harassment allegations against senior executive Boe Pahari, which confirm Szlakowski’s version of events but conclude only some allegations constituted harassment.