Federal Court approves AMP BOLR class action settlement

The Australian Federal Court has approved a $100 million Buyer of Last Resort (BOLR) class action settlement despite some participants objecting to it, calling for a larger payout and making AMP accountable for its actions. A large chunk of the settlement sum will go to litigation funder Augusta Pool 523, receiving a whopping $26,578,805.83. This is on top of $10,573,022 in legal fees and $360,259.96 in security costs and other miscellaneous expenses.

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