NSW Supreme Court Approves $100 Million Settlement in ‘Fees for No Service’ AMP Class Action

Shareholders alleged that AMP enacted a “deliberate policy” of charging shareholders fees while providing no services.

A photo taken outside an AMP building in Melbourne, Australia, on Aug. 20, 2015. Getty Images

The Supreme Court of New South Wales (NSW) has approved a $100 million settlement between financial services giant AMP and its shareholders over allegations of misconduct.

Over 18,700 investors were notified of the multimillion-dollar settlement and given the chance to raise concerns after parties to the class action reached the agreement on Aug. 20.