Over two million Australians are seeking compensation for alleged excessive fees on their superannuation accounts, with a class action lawsuit against AMP commencing in federal court today. Led by Slater and Gordon alongside Maurice Blackburn Lawyers, this legal action accuses AMP’s trustees of systematically overcharging members from 2008 to 2020 on various superannuation products.
The claims focus primarily on inflated administration fees associated with Flexible Lifetime Super and MySuper accounts, as well as excessive investment fees linked to cash and term deposits. Emma Pelka-Caven, Head of Class Actions at Slater and Gordon, emphasised that the evidence will purportedly illustrate AMP’s profit-driven motives.
“This case is about securing justice for everyday Australians,” Pelka-Caven asserted. Meanwhile, AMP continues to maintain its innocence and has mounted a robust defence against the allegations. Rebecca Gilsenan, National Head of Class Actions at Maurice Blackburn, stated that “millions of Australians were unknowingly short-changed over years.” She highlighted that the primary objective of this class action is to hold AMP accountable and restore affected superannuation members to the financial standing they would have had if AMP had met its obligations.
The trial is slated to last seven weeks, following the distribution of court-approved notices confirming eligibility to over 2.5 million Australians.