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AMP pays $110m to settle shareholder class action
AMP will pay $110m to settle a class action lawsuit with shareholders who allegedly lost money after the company’s share price fell due to allegations of misconduct at the financial services firm.
The settlement was reached earlier today, the same day that a trial was due to start. The case is tied to allegations flowing out of the 2018 inquiry into the financial services sector, which uncovered widespread poor practices.
AMP shareholders claimed to have lost money when some of those practices were made public, which depressed the value of their shareholdings.
Maurice Blackburn Lawyers said in a statement the action was taken on behalf of shareholders who purchased stock from mid 2012 to 2018.
AMP said that in reaching the settlement, it made no admission of liability.
AMP said in a statement:
The majority of the settlement amount will be met by available insurance proceeds.
19m ago21.05 EDT
AGL extends life of biggest polluting coal-fired power station out to 2035
AGL Energy, the largest electricity producer in Australia, has signed an agreement with the Victorian government to keep its biggest coal-fired power station, Loy Yang A, open until as late as 2035.
The plant, which is also the biggest carbon polluter among power plants, will “collaborate” on a scheduled closure date as late as 30 June of that year. Billionaire AGL investor Mike Cannon-Brookes may be among those disappointed since he had previously been pushing for a 2033 shutdown date.
The “structured transition agreement” is “to provide AGL, the state, the energy market, employees and consumers with a higher level of certainty around the ongoing operations, future closure and subsequent remediation” of the power station and nearby brown coalmine, the company said in a statement.
“This binding agreement avoids uncertainty where the changing plans of power companies can deter new renewable generation entering the market, increasing electricity prices to customers,” was the Victorian government’s response.
Working alongside the government, AGL has also agreed to provide a $50m community and economic development Fund – on top of AGL’s rehabilitation obligations – to help repurpose the Loy Yang A site and provide broader community benefits.
It’s been well publicised the renewable transition is going slower than expected (eg Snowy 2.0 and Marinus Link), and today’s extension of LYA’s life might not be the last. We…
2023-08-20 20:05:03
Post from www.theguardian.com
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