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Quinn Emanuel to investigate class action against AMP with financing from Burford Capital
QUINN Emanuel Urquhart & Sullivan (QE) is investigating a class action against Australian financial services giant AMP, which has admitted to lying to customers and regulators and has lost A$1 billion in shareholder value since early March.
QE intends to pursue the class action with backing from Burford Capital, a global finance firm focused on law and the world’s largest provider of litigation finance.
AMP’s shareholders have watched its stock fall sharply following revelations to the ongoing Royal Commission that the 169-year old financial services company charged customers fees for advisory services that were never delivered, and then repeatedly lied about its behaviour to regulators at the Australian Securities and Investments Commission (ASIC).
AMP's head of financial advice acknowledged that the company had lost count of the number of times it misled ASIC, and its CEO resigned on 20 April.
Damian Scattini, Partner at QE, commented: “The revelations of AMP’s misconduct are especially upsetting given the people who were hurt – the ordinary Mums and Dads who as shareholders gave AMP one of Australia’s largest shareholder registers, who have now lost their savings due to its dishonesty, and who as customers were charged for services AMP has admitted they never received, all so executives could make hefty bonuses.”
Mr Scattini continued: “QE has been investigating AMP’s precipitous share price fall even before the most recent revelations of misconduct, and having Burford, the world’s top litigation finance company, in place as our partner means we’re ready to move quickly on behalf of shareholders.”
Craig Arnott, Managing Director of Burford, commented: “The conduct admitted at the Royal Commission is starkly at odds with AMP’s responsibilities and shareholders’ legitimate expectations, requiring redress so that AMP’s shareholders can recover the value that has been lost. Burford is glad to join forces with Quinn’s first-rate team so we can help deliver that result for shareholders, which we hope will be as swift as possible.”
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