Ann: Pause in Trading, page-28

First 28 Last

Share
Profile

Follow
angor532

23,634 Posts.

379

07/07/23

00:36

Post #: 68664196
Share

Originally posted by formuso: ↑

angor532 - thanks for your comments and I agrree with them

However can you confirm your comment that "the ruling on the two cases spell out clearly the metrics for compensation"

As I've mentioned previously the main claimant had a business worth nearly a million dollars in 2019 and apparently worth aprox $ 150,000 now ( I forget the figure.) That about a 90% loss. Is AMP supposed to pay the differences between values for all affected planners? Should there be consideration as to why the values of business droped (if they did?) Or does there need to be scrutiny about how these figures are determined?

As you state, I would have expected AMP should be able to provide a rough estimare based on their data but maybe they are gunshy.

Also, as I've mentioned previouly the Judge is quoted as saying (ad lib) "there needs to be a process established to deal with any other affected parties" . I see no reference to say "following the financial calculation procedure already establshed"

I assume the plaintiff's lawyers are working with their clients to draw up suubstantial claims for losses, which may far exceed what AMP's calculations will be.

Expand

i dont have line of sight on how the judge came up with those figures relative to the claimants original claims...or what their business used to be worth etc

one would need to understand the original claim items and their specific amounts and the judges reasoning behind accepting some and not others.

i imagine the claims included specific monetary loss attributed to revised BOLR contract and also other costs associated with the loss of these funds...eg loan costs, interest payments....other hardships.

need to get a copy of the original notice of claim and the judge's response/adjudication on each.

and as i said before AMP know exactly how many FPs they screwed and by how much....

AMP Price at posting: $1.02 Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply