Class action launched against retail super fee gouge

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By Leith van Onselen

Maurice Blackburn claims 2.5 million AMP superannuation accounts have been charged too much in administration fees and has launched a class action against the wealth management firm, which follows a shareholder class action already underway , as well as legal action by ASIC. Lawyers believe the damages against AMP could be “very, very significant”. From The ABC:

Law firm Maurice Blackburn said the latest lawsuit would be based on revelations at the banking royal commission that AMP routinely charged more in administration fees than they should have.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.