Beleaguered Australian financial services provider AMP is reportedly facing a fresh class action that represents one million customers who were overcharged fees.
Law firm Maurice Blackburn was expected to lodge the claim in the Federal Court on 29 May, reports local newspaper Sydney Morning Herald.
It alleges that two trustees – AMP Superannuation Limited and NM Superannuation Limited – failed to discharge their legal duties to their customers.
The lawsuit it understood to centre on claims that a host of administration and other fees charged by AMP were too high, meaning the trustees were obligated to ensure their clients had the best deal.
Maurice Blackburn estimates that 2.5 million affected accounts could each have been overcharged thousands of dollars.
It covers customers who held account from 2013 through to fee changes made by AMP last year under the harsh glare of Australia’s Royal Commission into banking, superannuation and financial advice.
An AMP spokesman told SMH that the company had not yet seen any documents relating to the case but stood by its performance.
“We understand the potential action relates to AMP superannuation trustees and AMP meeting its obligations to members. On this basis, we would defend the matter vigorously, if served,” he said.
“AMP and the trustees of its superannuation funds are firmly committed to acting in the best interests of their superannuation members and acting in accordance with legal and regulatory obligations. We encourage any customers who have concerns to contact AMP directly or their financial adviser.”
