AMP shareholders who sued the company over its failure to disclose to regulators its notorious fee-for-no-service practices have settled the case for A$110 million. The company told the Hayne Royal Commission in 2018 that it withheld information about the fee-for-no-service practices from ASIC for almost three years. The revelations at the hearings of the royal commission in April 2018 were followed by sharp falls in the market value of AMP’s shares. The share price had been trading above $4 before disclosures were made to the royal commission. However, by the end of 2018, the share price had sunk below $2.50. The class action was mounted by Maurice Blackburn on behalf of thousands of investors who purchased shares between May 2012 and April 2018. AMP confirmed details of the settlement in an ASX filing on Monday. “The settlement is for a total of $110 million, inclusive of interest and costs, and is subject to the finalisation and execution of a deed of settlement and approval by the Supreme Court of New South Wales,” the company told the ASX. “In reaching a settlement, AMP makes no admission of liability.  “The majority of the settlement amount will be met by available insurance proceeds.” Signatories to the class action will share most of the proceeds of the settlement after the court determines the legal costs incurred by Maurice Blackburn. Under the terms of the agreement between the legal firm and signatories to the action, Maurice Blackburn stands to receive an “uplift” payment if the compensation exceeds $80 million. Maurice Blackburn principal Vavaa Mawuli yesterday declined to give an estimate of the likely bill for legal costs. “The court will assess costs and those issues will be ventilated at the settlement approval hearing,” Mawuli said. “Only the consolidated class action costs are recoverable from the settlement sum.” AMP shares yesterday closed down 2 per cent to $1.23.