I think I posted the $1.2 billion exposure that amp had to bolr that was reported in the media. This was the number if every amp practice was to be paid out bolr before the terms were changed.
I do not believe I ever suggested it was the likely settlement cost.
my recollection is that the highest estimation I ever gave was up to $500m. And the lowest was $250m. Best guess was $300m. So yes I got it wrong.
I think one of the reasons I have got it wrong is due to the even smaller number of practices the settlement applies to than I expected.I had assumed that the class action would have flow on impacts to those who did not participate in the class action, on the basis that I was certain a judge would find that amp was not entitled to make the changes the way they did. This does not seem to be the case.
When will AMP SETTLE the ADVISER CLASS ACTION, page-2087
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