AMP was hit with a second class action lawsuit today, hours before an AGM expected to be tumultuous

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AMP has announced that it’s been served with two class action lawsuits in the wake of scandals that have rocked the asset manager.

A claim was filed this morning in the Federal Court of Australia (Victorian Registry) by Phi Finney McDonald, on behalf of shareholders who acquired shares between May 6, 2013 and April 13, 2018.

It follows a separate class action launched yesterday evening by law firm Quinn Emanuel Urquhart & Sullivan in the Supreme Court of New South Wales.

AMP said it will “vigorously defend” both cases.

In a separate statement to the market this morning, AMP also reported net cash out-flows of $200 million in the March quarter.

The company said the outflows were in line with the same time last year, and stemmed from subdued activity in the superannuation sector in the wake of recent cap changes to non-concessional contributions

The company said assets under management amounted to $128.3 billion in the March quarter, down 2% from the end of December.

“The past month has been exceptionally difficult for our customers, shareholders, employees and advisers,” interim chairman Mike Wilkins said.

“We recognise there is a lot to be done to restore the public’s confidence in the company, which is a priority for the Board.”

Wilkins will address angry shareholders at the company AGM this morning. It follows the resignation of three non-executive directors on Tuesday. The Australian Shareholder’s Association was planning to vote against the reelection of Kramer and Wallace at the AGM.

Current board member Andrew Harmos — who joined the AMP board in June last year — will be standing for re-election.

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