Allegations of AMP Ltd charging “unjustifiably” high fees for an extended period of time had surfaced in 2018.

On Thursday, Australian wealth manager AMP Ltd stated it would defend itself against a new class-action lawsuit filed on behalf of pension fund account holders who claim that it overcharged in fees.

The class-action lawsuit was filed by Maurice Blackburn, a law firm, in the Federal Court in Melbourne. It is one of several class actions lawsuits which the wealth manager is facing following revelations of misconduct in 2018.

Maurice Blackburn alleges that AMP charged its customers “unjustifiably” high fees for an extended period of time, echoing similar allegations in previous lawsuits.

In a statement, AMP said it would vigorously defend the suit.

The firm’s stock was slightly higher in morning trade, in a weaker broader market.

“From a risk point of view, it is probably looking more attractive now than it has for some time but it still has got a long way to go to rebuild a reputation,” said James McGlew, executive director of corporate stockbroking at Argonaut.

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Tags: AMP Ltd, Australia, Australian, Class-action lawsuit, federal court, goodwill, law firm, Maurice Blackburn, Melbourne, misconduct, overcharged, reputation, wealth manager