AMP today announces that an agreement has been reached to settle the shareholder class action brought by Komlotex Pty Ltd in June 2018.
The settlement is for a total of $110 million, inclusive of interest and costs, and is subject to the finalisation and execution of a deed of settlement and approval by the Supreme Court of New South Wales.
In reaching a settlement, AMP makes no admission of liability. The majority of the settlement amount will be met by available insurance proceeds.
The class action related to market disclosure of certain matters that were raised in the 2018 Banking and Financial Services Royal Commission.
This settlement does not impact the current second tranche of capital return to shareholders and we remain committed to updating the market on the third tranche of capital return by 31 December 2023.
All figures are in Australian dollars (A$) unless otherwise noted.
Authorsied for release by the Market Disclosure Committee.