AMP Ltd. (AMLTF.PK,AMP.AX) announced that it has reached an agreement in principle to settle a class action involving three of its entities—N.M. Superannuation Proprietary Limited, AMP Superannuation Pty Limited, and AMP Services Limited. The case was brought on behalf of certain superannuation clients and their beneficiaries, covering the period from July 2008 to May 2020.
The legal proceedings focused on fees charged to members of specific AMP superannuation funds, as well as interest rates and fees applied to cash-only investment options. The total settlement amount is A$120 million, which still requires final legal documentation and approval from the Federal Court of Australia.
AMP will contribute around A$75 million of the settlement, while the remaining amount will be covered by insurance. The company has stated that it does not admit any liability in reaching this settlement.
In a Separate press release, AMP announced that it has reached agreements with some insurers to settle legal claims related to costs from past remediation programs, which ended in 2022. These programs involved compensating customers for issues identified in earlier reviews.
So far, AMP has received about A$44 million from these insurance claims. Discussions with other insurers are still ongoing, following a court hearing held in August 2025.
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