AMP has agreed to settle the shareholder class action brought after the Hayne royal commission in 2018 for $110 million.

In an update to the ASX on Monday morning, AMP said it will make no admission of liability in reaching the settlement and the majority of the amount will be met by available insurance proceeds.

The Supreme Court of New South Wales still has to finalise and approve the settlement.

In a separate update, law firm Maurice Blackburn who was representing the class action plaintiffs, said a four-week trial was set to commence on 21 August 2023. As a result, the trial will no longer proceed, but group members may still register.

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