Quinn Emanuel was the first law firm to commence legal action against AMP Limited on behalf of shareholders in relation to AMP’s recent admissions of systemic misconduct at the Financial Services Royal Commission (the AMP Class Action). The Class Action was filed on 9 May 2018 in the Supreme Court of New South Wales and will be backed by Burford Capital, the leading global finance firm focused on law and world’s largest provider of litigation finance.
The class action is being run on a no win – no pay basis, with all costs fully underwritten by litigation funder, Burford Capital (the “Funder” or “Burford”). Group Members will not be liable for any upfront, out-of-pocket expenses, unless the AMP Class Action is successfully resolved. In the event the claim is unsuccessful, Burford will pay the other side’s legal costs. The Plaintiff also intends to seek a Common Fund Order in the AMP Class Action. A common fund order is a Court order that all Group Members in a class action pay a portion of any compensation they may be entitled receive if the class action results in a successful settlement or judgment as consideration for the funder, in this case Burford, providing funding to run the class action.
Registration is open to any investors (both in Australia and overseas) who acquired an interest in AMP shares between 10 May 2012 and 17 April 2018 inclusive (the Relevant Period). Registration is only available in respect of ordinary shares trading under the “AMP” stock code on the ASX. Registration is also unavailable in respect of derivative financial instruments such as swaps, options and warrants or other financial products issued by AMP such as subordinated notes.
If you are an agent or trustee of a claimant, you may complete this online registration on the claimant’s behalf.
If you are registering online, you will need to provide the following details:
- an email address, which you check regularly;
- the claimant’s Holder Identifier Number (HIN) or relevant Security Holder Reference Number (SRN), if you know it;
- if the claimant’s shares are held on his, her or its behalf by another person or entity (such as a broker or custodian), details of both those persons or entities and the capacities in which they held those shares;
- if you hold the shares jointly with another person, that other person’s name; and
- if you have multiple holdings of shares, separate transaction details for each holding.
You will also be asked to provide details about the claimant’s shareholding(s), including the date, quantity and price of the claimant’s AMP’s share trades during the Relevant Period.
Under the terms of the LFA, if the class action is unsuccessful, Burford will pay any costs order which may be made against the Class Representative and will provide any security for costs ordered by the Court.
Further, if you are a group member only and not the Class Representative (the person in whose name the proceeding will be brought), an adverse costs order cannot be made directly against you in respect of the class action.