Maurice Blackburn, the Australian law firm, said on Tuesday it planned to sue AMP, the country’s biggest wealth manager and insurer, bring to five the number of potential lawsuits against the embattled firm.
Maurice Blackburn’s confirmation earlier today, which the company say it is pursuing on behalf of shareholders, sent AMP’s shares tumbling. The company has already last around 20% of its value – akin to A$2.5bn – over the past two months.
The government has launched an ongoing inquiry, overseen by the Royal Commission, into a series of scandals at Australia’s so-called “big four” banks and AMP.
Last month AMP chief executive Jack Regan admitted to the Royal Commission that the insurer had lied to the country’s regulator, the Australian Securities and Investments Commission (ASIC) on 20 separate occasions.
According to the Australian Financial Review, the two other law firms already pressing charges are Slater and Gordon and Shine Lawyers.
In a statement Andrew Watson, national head of class actions at Maurice Blackburn, said: “Investors have every right to be disappointed with AMP’s conduct.”
AMP declined to comment.