AMP Limited (ASX: AMP) has announced it will defend legal proceedings filed against its subsidiaries, N.M. Superannuation Proprietary Limited and Collimate Capital Limited. AMP is a financial services company in Australia and New Zealand, providing services including wealth management, banking, and superannuation. The announcement addresses two separate legal actions brought against entities formerly or currently under the AMP umbrella.
The first proceeding is a class action filed against N.M. Super in the Federal Court of Victoria, also naming AMP Superannuation Pty Limited and Resolution Life Australasia Limited. The claim alleges that certain members of AMP’s superannuation funds paid higher premiums for life insurance coverage, including death, total and permanent disablement, and income protection, between 2019 and 2024. N.M. Super and ASL have stated they will defend this proceeding.
Separately, AMP is responding to a case filed in the Supreme Court of New South Wales by Dexus Funds Management Limited against Collimate Capital Limited and AMP Group Holdings Limited. This action stems from a dispute between a Dexus entity and Macquarie Retail Pty Limited concerning the disposal of the Macquarie Shopping Centre, which followed the sale of the former AMP Capital business. The core of the dispute relates to the final sale value of the property.
AMP has stated that it will defend this proceeding as well. The company has made available contact information for both media and investor inquiries regarding these legal matters.
