April 30, 2018 / 12:47 AM / a year ago

IMF Bentham proposes to fund class action against Australia's AMP

April 30 (Reuters) - Litigation financier IMF Bentham Ltd said on Monday that it plans to fund a class action against AMP Ltd, Australia’s largest listed wealth manager.

IMF said the investment involves a proposed class action by certain current and former AMP shareholders regarding alleged misconduct as revealed by Australia’s Financial Services Royal Commission.

AMP announced the resignations of its chairwoman and legal counsel earlier on Monday, and slashed its directors’ fees by a quarter, as the firm tries to stem the fallout from damaging revelations. (Reporting by Aaron Saldanha in Bengaluru; editing by Richard Pullin)

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