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UPDATE 2-Australia's AMP hit with class-action lawsuit from pension account holders

Published 30/05/2019, 12:32 pm
UPDATE 2-Australia's AMP hit with class-action lawsuit from pension account holders
AXJO
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AMP
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* Law firm Maurice Blackburn latest to sue AMP

* Suit claims over-charging of pension customers

* AMP says it will defend itself

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(Recasts with AMP to defend class-action, analyst comment)

May 30 (Reuters) - Australian wealth manager AMP Ltd AMP.AX said on Thursday it would defend itself against a new class-action lawsuit filed on behalf of pension fund account holders and claiming overcharging of fees.

The suit, filed by law firm Maurice Blackburn in the Federal Court in Melbourne, is one of several class actions against the company triggered by revelations of misconduct last year. Blackburn alleges that AMP charged its customers "unjustifiably" high fees for an extended period of time, echoing similar allegations in previous lawsuits. https:// said in a statement it would vigorously defend the lawsuit.

The firm's stock was slightly higher in morning trade, in a weaker broader market .AXJO .

"From a risk point of view, it is probably looking more attractive now than it has for some time but it still has got a long way to go to rebuild a reputation," said James McGlew, executive director of corporate stockbroking at Argonaut.

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