$120 million settlement reached in landmark AMP Super fees class action

Slater and Gordon and Maurice Blackburn Lawyers have today announced a $120 million settlement in the AMP superannuation class action, securing compensation for millions of Australians who were allegedly overcharged fees on their retirement savings.

The class action, jointly led by the two firms, alleged that AMP’s superannuation trustees failed in their duties to ensure fees were set and maintained at a level consistent with members’ best interests in the period from 2008 to 2020. As a result, AMP’s superannuation members were alleged to have been overcharged.

“This settlement is a major step toward justice for millions of Australians who trusted AMP to safeguard their retirement savings,” said Rebecca Gilsenan, Maurice Blackburn’s National Head of Class Actions.

“The class action alleged that AMP’s superannuation trustees prioritised the financial interests of the AMP Group over those of its members. Transparency and fairness are fundamental to the integrity of the superannuation system, and the financial security of Australians is placed at risk when those principles fall by the wayside.”

The case was initiated in 2019 following revelations during the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Federal Court later ordered the consolidation of two separate proceedings into a single class action, jointly run by Maurice Blackburn and Slater and Gordon.

Slater and Gordon’s Head of Class Actions, Emma Pelka-Caven, said:

This outcome sends a strong message to superannuation trustees across the industry. Australians deserve to have their retirement savings managed with integrity and diligence. We are proud to have helped deliver accountability and compensation to those affected.

The settlement, subject to Federal Court approval, will provide financial redress to eligible AMP superannuation members. Further details about the distribution process will be made available in due course