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Stubborn AMP 'surrenders' legal briefs

12 March 2019 5:26PM
AMP and Clayton Utz have surrendered in their court battle with ASIC over failure to produce documents. Clayton Utz has now provided ASIC "with its internal file notes from the firm's interviews with current and former employees and officers of AMP," the financial regulator gloated in a media release yesterday.These briefings were often with very high level executives and mediated at the AMP end by the group counsel, Brian Salter, who left AMP last year.Salter and others were interviewed by Clayton Utz in connection with its report to AMP in October 2017 regarding fees for no service, ASIC said. "The Clayton Utz report was considered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in April 2018."ASIC commenced Federal Court proceedings against AMP and Clayton Utz in December 2018, seeking an order compelling Clayton Utz to produce the interview notes. The interview notes had been withheld from ASIC by AMP, who claimed that they were subject to legal professional privilege. ASIC disputed the claim of privilege.Its statement said" "the interview notes were responsive to a compulsory notice to produce issued by ASIC under s.33 of the ASIC Act in October 2018 and related to ASIC's ongoing investigation into AMP Group for fees for no service conduct and related false or misleading statements to ASIC."On Thursday, 7 March - the day AMP and Clayton Utz were due to file their evidence in the proceedings - "Clayton Utz produced the documents sought by ASIC with no claim of privilege by AMP," ASIC said. AMP agreed to pay ASIC's costs and the proceedings were dismissed by consent on 8 March 2019.

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