False and misleading statements designed to conceal the fact the firm had been intentionally charging fees

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Case Summary

Currently proceeding as an "Open Class Action" so all AMP shareholders are included in it unless they decide to opt out.

A number of coalitions have filed complaints alleging that the company had breached its continuous disclosure obligations in that it had intentionally made false and misleading statements to ASIC designed to conceal the fact that it had been intentionally charging fees, and instead presenting the charges as administrative errors.

May 27, 2015:

AMP provided a "Breach Report" to Australian Securities Investment Commission (ASIC) which identified some cases in which it charged fees for no service, however it is alleged the company mislead ASIC as to the reasons behind the charges.

April 26, 2018:

It was reported that AMP's chief executive would step down and that the company would "undertake a governance review after the royal commission heard it had mislead customers and regulators."

Status - June 1, 2018:

Case management hearing. Opposing counsels agreed that all cases should be consolidated. Court has said that while the matter of where the case would be heard was outstanding nothing else could proceed. Application for transfer hearing to be held on August 14, 2018.

Open Court hearing on May 16, 2018 to determine procedural time line. AMP has until May 25, 2018 to seek more details from the 5 lawsuits and until July 20, 2018 to file a response. The lead plaintiff will then have to reply by August 3, 2018.

Claims Filing Deadline:June 30, 2018
Preliminarily Approved Settlement Fund:TBD
Class Period:January 1, 2013 - April 30, 2018


1) Slater & Gordon/Therium Litigation Finance (Federal Court Australia - Melbourne)

Relevant Period: 6/7/12 - 4/15/18

Relevant Security: ASX: AMP; ISIN: AU000000AMP6: CUSIP: Q0344G101

OTC (US): AMLYY: ISIN: US0017EP2020: CUSIP: 0017EP202

Registration Deadline: 6/4/18 (negotiable due to length of claim period)

2) Quinn Emanuel/Burford Capital - (NSW Supreme Court)

Relevant Period: 5/24/13 - 4/16/18

Relevant Security: ASX:AMP

Registration Deadline: TBD

3) Shine Lawyers/Augusta Ventures (Federal Court Australia - Melbourne)

Relevant Period: 5/1/17 - 4/16/18

Relevant Security: ASX: AMP

Registration Deadline: TBD

4) Phi Finney/IMF Bentham (Federal Court Australia - Melbourne)

Relevant Period: 5/24/13 - 4/13/18

Relevant Securitiy: ASX: AMP; ISIN - AU000000AMP6; SEDOL- 6709958; CUSIP - 670995901

OTC Exchange: AMLYY (ADR); ISIN - US0017EP2020; CUSIP - 0017EP202

Registration Deadline: TBD

5) Maurice Blackburn/Litigation Funding Partners (Federal Court Australia - Melbourne)

Relevant Period: 27 May 2015 to 13 April 2018 .

Relevant securities: AMP ordinary shares (ASX: AMP). The ISIN is AU000000AMP6.

Registration Deadline: No current deadlines