AMP Ltd. has agreed to pay A$120 million ($80 million) to settle a class action alleging the financial group charged excessive fees on some pension accounts for more than a decade.
The in-principle agreement relates to fees charged to members of some AMP superannuation funds, along with interest rates received and levies on cash-only fund options, according to a statement Monday. Sydney-based AMP made no admission of liability in the class action, which covered activity from July 2008 to May 2020.
AMP will contribute around A$75 million of the settlement, with the remaining balance to be met by insurance, it said.
“The settlement of this class action is another important step forward for AMP, which means we can put this legacy matter behind us,” AMP Chief Executive Alexis George said in the statement.
Photograph: An elderly couple in Carlton Gardens in Melbourne, Australia, on Friday, April 5, 2024. Photo credit: James Bugg/Bloomberg
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