More lawyers take on AMP

AMP is facing a fourth potential shareholder class action after law firm Phi Finney McDonald announced it is preparing action against the wealth management giant for misleading investors and breaching continuous disclosure obligations.

Phi Finney McDonald said the class action will seek compensation for investors after revelations at the banking royal commission that AMP could face criminal charges for charging customers fees for services that were not provided.

It follows law firms Shine Lawyers, Slater and Gordon and Quinn Emanuel Urquhart & Sullivan, which last week said they were each investigating class actions against AMP.