Slater and Gordon Lawyers said that its superannuation class action trial in the Federal Court of Australia against AMP (ASX:AMP) started on Tuesday, May 27, the law firm said in a same-day statement.
The class action alleges AMP paid inflated fees to related entities for administration services and failed to secure competitive returns for members in low-risk investment products, the statement said.
The trial is expected to run for seven weeks, the statement added.
AMP's shares fell 2% in recent Tuesday trade.
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