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Australia's AMP vows to defend class-action lawsuits

AMP Ltd. vowed to vigorously defend two class-action lawsuits filed against the company over alleged violations of continuous disclosure obligations following misconduct revelations during hearings at the banking royal commission in April.

The lawsuits were filed by Quinn Emanuel Urquhart & Sullivan and Phi Finney McDonald on behalf of AMP shareholders and relate to matters referred to during the commission's hearings in April. Quinn Emanuel filed its lawsuit on behalf of shareholders who acquired an interest in AMP's shares between May 10, 2012, and April 15, 2018, while Phi Finney's suit is on behalf of shareholders who acquired an interest in the company's shares between May 6, 2013, and April 13, 2018.

Quinn Emanuel's suit alleged AMP caused shareholders losses by violating its continuous disclosure obligations and making misleading statements, Reuters reported May 9. AMP's market capitalization has dropped by about A$2 billion following its executives' admissions about the company's poor treatment of its customers and submission of misleading reports to regulators.

Separately, shareholders of the wealth manager rejected a resolution to adopt the company's remuneration report for the year ended Dec. 31, 2017, at the annual general meeting. More than 61% of the company's shareholders voted against the report.