• AMP reaches agreement to settle class action related to superannuation fees and interest rates
• AMP to contribute $75M of the $120M settlement, with the balance met by insurance
• Settlement subject to finalisation and court approval

AMP Ltd has announced an agreement in principle to settle a class action brought against N.M. Superannuation Proprietary Limited, AMP Superannuation Pty Limited and AMP Services Limited on behalf of certain superannuation clients and their beneficiaries for the period of July 2008 to May 2020. The proceedings related to fees charged to members of certain AMP superannuation funds, and the interest rates received, and fees charged, on cash-only fund options. The settlement is for a total of $120 million and is subject to the finalisation and execution of a deed of settlement and approval by the Federal Court of Australia. AMP will contribute approximately $75 million of the $120 million settlement, with the balance met by insurance. In reaching a settlement, AMP makes no admission of liability. AMP Chief Executive Alexis George stated that the settlement of this class action is another important step forward for the company, allowing it to put this legacy matter behind it. AMP has transformed its Superannuation offer in recent years and remains focused on delivering for members through strong investment returns, competitive fees and insurance, and quality service.

AMP remains focused on delivering for its superannuation members through strong investment returns, competitive fees and insurance, and quality service.