AMP to Pay $80 Million to Settle Class Action Over Pension Fees

AMP Ltd. has agreed to pay A$120 million ($80 million) to settle a class action alleging the financial group charged excessive fees on some pension accounts for more than a decade.

The in-principle agreement relates to fees charged to members of some AMP superannuation funds, along with interest rates received and levies on cash-only fund options, according to a statement Monday. Sydney-based AMP made no admission of liability in the class action, which covered activity from July 2008 to May 2020.

AMP will contribute around A$75 million of the settlement, with the remaining balance to be met by insurance, ...