AMP’s general counsel Brian Salter says he did not know he was sacked until he read the company’s announcement to the Australian Stock Exchange on Monday morning.
AMP’s chairwoman Catherine Brennar has resigned and the firm’s general counsel has left, as the company faces possible criminal charges for misleading the corporate regulator over its decade-long practice of charging undue fees to clients.
AMP could be hit with criminal charges after counsel assisting the Royal Commissioner said Friday evidence before the commission had shown the wealth management firm may have broken the law when it charged fees for no service, lied about the practice to ASIC, and presented a heavily-edited Clayton Utz report to the corporate regulator as independent.
Cargill has won a discovery dispute in a case alleging fraudulent concealment by Viterra in its $420 million sale of malt producer Joe White Maltings to Cargill Australia in 2013, with a judge finding documents attached to privileged emails or emails that are part of a privileged chain are protected by legal professional privilege.
Clayton Utz’s public statements referencing its terms of engagement with AMP in drafting an independent report are irrelevant if it knew the document was destined for the corporate regulator, legal experts say, and transcripts from the Royal Commission suggest the law firm did know.
Business litigation firm Quinn Emanuel Urquhart & Sullivan is examining a possible shareholder class action against AMP after the Royal Commission exposed damning revelations concerning the financial giant.
Facing demands for answers and a call to be suspended from government contract work, Clayton Utz has finally spoken out over its role in the scandal embroiling AMP.
AMP’s chief executive Craig Meller has resigned after this week’s shocking revelations that the company misled ASIC over fees charged to customers and may have influenced a Clayton Utz report to the securities regulator.
The corporate regulator has confirmed it is investigating AMP over its ‘fees for no service’ practice revealed at the Hayne Royal Commission in stunning testimony Treasurer Scott Morrison on Wednesday called “deeply disturbing”.
The independence of a report by law firm Clayton Utz to ASIC over AMP’s practice of charging customers for services not performed was called into question Tuesday at the Hayne Royal Commission.