AMP served with a class action

Stock

AMP (AMP) $2.07 as at 26/06/2019

Event

Wealth manager AMP might be trading higher today however the stock is bouncing from all-time lows set yesterday when it briefly traded to the $2.00 level.

AMP was today hit with a class action from Slater & Gordon in regards to the fees being charged on pension funds. Lawyers for Slater & Gordon have rounded up 2 million customers of AMP and will allege the trustees of the AMP pension fund products over paid for administration services which were provided by – you guessed it – other entities within the AMP group.

This class action is not the only problem for AMP – it’s not even the only class action currently being put forward with shareholders taking action on the company’s disclosure of the issues raised within the Royal Commission.

We interviewed Shaw & Partners Banking Analyst, Brett Le Mesurier, just last week and quizzed him on the decline of AMP – a well-timed catch up light of these problems. Click here to view

AMP Chart

AMP Limited (AMP) Daily Chart

Market Matters Take/Outlook

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