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Investing.com-- Shares of AMP Ltd (ASX:AMP) rose on Monday after the Australian wealth manager said it had agreed to settle a superannuation class action for A$120 million ($80 million).
The case was brought against AMP’s superannuation subsidiaries over fees and interest rates charged between July 2008 and May 2020.
AMP will pay about A$75 million, with the rest covered by insurance. The deal is subject to approval by the Federal Court of Australia.
Sydney-listed shares of the company jumped over 4% to A$1.765, their highest level in three weeks.
AMP said it made no admission of liability. Chief Executive Alexis George said the settlement allowed the company to put the matter behind it and focus on delivering stronger returns and competitive fees for members.
The class action was among a series of legacy issues that have weighed on AMP since Australia’s 2018 Royal Commission into financial misconduct.